Encouraging Americans to Save Act

House Bill 7418 - Encouraging Americans to Save Act: Overview, Status, and Impact

Hozzl · 2022-02-08T23:16:48Z

Explore the details of House Bill 7418 Encouraging Americans to Save Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

2/8/2022, 11:16 PM

Congressional Summary of HR 7418

Encouraging Americans to Save Act

This bill sets forth provisions to provide matching payments for retirement savings and Individual Retirement Account (IRA) contributions for individuals who have attained age 18, excluding dependents and full-time students. Specifically, it allows an enhanced 50% tax credit, up to $3,000, for deductible retirement savings contributions and for IRA contributions.

The bill also directs the Department of the Treasury to establish a permanent program to be known as the MyRA Program to allow individuals or employers to establish a Roth IRA. Treasury must also take steps to increase public awareness of the benefits of this bill and the MyRA Program in particular.

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Current Status of Bill HR 7418

Bill HR 7418 is currently in the status of Bill Introduced since June 30, 2020. Bill HR 7418 was introduced during Congress 116 and was introduced to the House on June 30, 2020. Bill HR 7418's most recent activity was Referred to the House Committee on Ways and Means. as of June 30, 2020