Retirement Investment in Small Employers Act
Retirement: Tax Credits for Small Business Retirement Plans
This bill was recently introduced in the Senate and is currently being reviewed by the Committee on Finance. It is actively moving through the early stages of the legislative process. There are no upcoming votes scheduled at this time.
Legislative Progress
The bill has support from both parties, which helps it move forward. However, many tax bills wait for larger packages before they are passed.
Key Points
- This bill helps the smallest businesses offer retirement plans to their workers. It specifically targets companies with 10 or fewer employees.
- Currently, these small businesses can get a tax credit for half of the costs to start a retirement plan. This bill would increase that to cover 100 percent of the startup costs.
- The bill also raises the maximum credit amount from $500 to $2,500. This gives owners more money back to cover the administrative work of setting up a new plan.
- To get the higher credit, the business must allow their plan to accept federal matching contributions for low-income workers.
- If passed, these changes would apply to tax years starting after 2024. This means businesses could see the benefits on their next tax filings.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Read twice and referred to the Committee on Finance.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Retirement Investment in Small Employers Act
Data Sources
Sponsor
Cosponsors
(1)Analysis generated by AI. Always verify with official sources.