Encouraging Americans to Save Act

Summary

Encouraging Americans to Save Act This bill amends the Internal Revenue Code to expand the tax credit for retirement savings contributions to: (1) make such credit refundable; (2) allow individual taxpayers (excluding dependents and full-time students) who have attained age 18 as of the close of the taxable year a credit for 50% of their retirement savings contributions up to $1,000; (3) increase the maximum income threshold for determining eligibility for the credit; and (4) allow direct deposit of credit amounts into the taxpayer's retirement savings vehicle (e.g., MyRA or Roth IRA account). The Department of the Treasury shall educate taxpayers on the benefits of the credit for retirement savings contributions.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 3 February 2016

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 3 February 2016

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 3 February 2016

  Open at official source

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