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Retirement Tax Credit Parity for Cooperatives and Charities Act
12/30/2022, 4:18 AM
Summary of Bill HR 6738
Bill 117 HR 6738, also known as the Retirement Tax Credit Parity for Cooperatives and Charities Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to provide tax credits for employees of cooperatives and charities who participate in retirement savings plans.
The bill aims to promote retirement savings among employees of cooperatives and charities by providing them with the same tax benefits that are currently available to employees of other types of businesses. This includes allowing employees to make pre-tax contributions to their retirement savings plans and receive matching contributions from their employers.
The bill also seeks to simplify the process for cooperatives and charities to establish and maintain retirement savings plans for their employees. This includes providing guidance on how to comply with existing tax laws and regulations related to retirement savings plans. Overall, the Retirement Tax Credit Parity for Cooperatives and Charities Act is designed to encourage retirement savings among employees of cooperatives and charities, while also providing these organizations with the tools and resources they need to offer competitive retirement benefits to their employees.
The bill aims to promote retirement savings among employees of cooperatives and charities by providing them with the same tax benefits that are currently available to employees of other types of businesses. This includes allowing employees to make pre-tax contributions to their retirement savings plans and receive matching contributions from their employers.
The bill also seeks to simplify the process for cooperatives and charities to establish and maintain retirement savings plans for their employees. This includes providing guidance on how to comply with existing tax laws and regulations related to retirement savings plans. Overall, the Retirement Tax Credit Parity for Cooperatives and Charities Act is designed to encourage retirement savings among employees of cooperatives and charities, while also providing these organizations with the tools and resources they need to offer competitive retirement benefits to their employees.
Congressional Summary of HR 6738
Retirement Tax Credit Parity for Cooperatives and Charities Act
This bill allows an individual taxpayer who is eligible to participate in in a CSEC defined contribution pension plan a new tax credit for 10% of employer retirement savings contributions not exceeding $1,000 in a taxable year.
Read the Full Bill
Current Status of Bill HR 6738
Bill HR 6738 is currently in the status of Bill Introduced since February 15, 2022. Bill HR 6738 was introduced during Congress 117 and was introduced to the House on February 15, 2022. Bill HR 6738's most recent activity was Referred to the House Committee on Ways and Means. as of February 15, 2022
Bipartisan Support of Bill HR 6738
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
30Democrat Cosponsors
12Republican Cosponsors
18Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 6738
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 6738
Retirement Tax Credit Parity for Cooperatives and Charities Act
Retirement Tax Credit Parity for Cooperatives and Charities Act
To amend the Internal Revenue Code of 1986 to provide a CSEC employee tax credit.
Comments
Sponsors and Cosponsors of HR 6738
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