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Encouraging Americans to Save Act
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.
Read the Full Bill
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
Bipartisan Support of Bill HR 7418
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 7418
Primary Policy Focus
TaxationPotential Impact Areas
- Bank accounts, deposits, capital
- Congressional oversight
- Employee benefits and pensions
- Government information and archives
- Income tax credits
- Income tax deferral
- Inflation and prices
- Securities
- Tax administration and collection, taxpayers
Alternate Title(s) of Bill HR 7418
Encouraging Americans to Save Act
To amend the Internal Revenue Code of 1986 to provide matching payments for retirement savings contributions by certain individuals.
Encouraging Americans to Save Act
Comments
Sponsors and Cosponsors of HR 7418
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