United States · Bill · S
S. 5035 (116th)
Encouraging Americans to Save Act
Introduced
16 December 2020
Last action
—
Status
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7553)
Sponsors
—
Subjects
Discovery layer
Source updated
3 January 2025
Summary
Encouraging Americans to Save Act This bill sets forth provisions to provide matching payments for retirement savings and Individual Retirement Account (IRA) contributions for lower income individuals. Specifically, it allows an enhanced 50% tax credit, up to $2,000, for deductible retirement savings contributions and for IRA contributions. The bill also directs the Internal Revenue Service (IRS) to establish the R-Bond Program as a permanent program for the establishment and maintenance of Roth IRAs and directs the IRS to educate taxpayers on the benefits of the savings programs provided by this bill.
This text is taken from the official record. PoliticalRepo does not editorialize.
Timeline
No timeline events have been ingested for this record yet.
Votes
No vote records are attached yet.
Versions
No version snapshots stored. Document URLs remain at the source.
Documents
3 official files
Introduced in Senate (text)
Introduced in Senate · EN · 16 December 2020
Introduced in Senate (PDF)
Introduced in Senate · EN · 16 December 2020
Introduced in Senate
summary · EN · 16 December 2020
Sponsors
No sponsors or actors listed by the source.
Related records
No cross-record relationships stored yet.
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/116th-congress/senate-bill/5035
- Open data entity: https://api.congress.gov/v3/bill/116/s/5035