legislation: 116-s-5035

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
116-s-5035 116 s 5035 Encouraging Americans to Save Act Taxation 2020-12-16 2020-12-16 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7553) Senate Sen. Wyden, Ron [D-OR] OR D W000779 7 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. 2023-01-11T13:43:47Z  

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