Enhancing Emergency and Retirement Savings Act of 2022

Hozzl · 2022-12-29T22:03:49Z

Explore the details of House Bill 7146 Enhancing Emergency and Retirement Savings Act of 2022 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 10:03 PM

Summary of Bill HR 7146

Bill 117 hr 7146, also known as the Enhancing Emergency and Retirement Savings Act of 2022, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide individuals with more opportunities to save for emergencies and retirement.

One key provision of the bill is the creation of Emergency Savings Accounts, which would allow individuals to set aside money in a tax-advantaged account specifically designated for unexpected expenses. This would help individuals better prepare for financial emergencies and avoid going into debt.

Additionally, the bill aims to enhance retirement savings by expanding access to employer-sponsored retirement plans, such as 401(k) plans. It would also increase the contribution limits for these plans, allowing individuals to save more for their retirement. Furthermore, the bill includes provisions to make it easier for small businesses to offer retirement plans to their employees. This would help more workers have access to retirement savings options and improve their financial security in the long term. Overall, the Enhancing Emergency and Retirement Savings Act of 2022 seeks to promote financial stability and security for individuals by providing them with more opportunities to save for emergencies and retirement. It is currently being debated in Congress and may undergo changes before being passed into law.

Congressional Summary of HR 7146

Enhancing Emergency and Retirement Savings Act of 2022

This bill permits penalty-free distributions, up to $1,000, from tax-exempt retirement plans for emergency personal expenses, limited to one distribution in a calendar year. The bill allows repayment to plans of such distributions over a three-year period.

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Current Status of Bill HR 7146

Bill HR 7146 is currently in the status of Bill Introduced since March 17, 2022. Bill HR 7146 was introduced during Congress 117 and was introduced to the House on March 17, 2022. Bill HR 7146's most recent activity was Referred to the House Committee on Ways and Means. as of March 17, 2022

Bipartisan Support of Bill HR 7146

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 7146

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 7146

Enhancing Emergency and Retirement Savings Act of 2022

To amend the Internal Revenue Code of 1986 to provide for penalty-free withdrawals from retirement accounts for certain emergency expenses, and for other purposes.