119th Congress Taxation
S. 1840: Retirement Investment in Small Employers Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill increases the federal tax credit limit for startup costs incurred by certain small businesses to establish a qualified retirement plan.
As background, a federal tax credit is allowed for 50% of the costs incurred by a small business with no more than 100 qualified employees (or 100% of such costs for a small business with no more than 50 qualified employees) to establish a qualified retirement plan. Under current law, the tax credit is limited to the greater of (1) $500, or (2) the lesser of $250 per eligible employee or $5,000. (Additional limits may apply.)
The bill increases the limit on the tax credit for retirement plan startup costs for employers with no more than 10 employees to the greater of (1) $2,500, or (2) the lesser of $250 per employee or $5,000.
Read the full summary
For the increased tax credit limit to apply, the retirement plan established by the business must accept payment of the matching contribution under the Saver’s Match program. Under the Saver's Match program, beginning in 2027, individuals that meet certain requirements are eligible to have a federal matching contribution of up to $1,000 (or $2,000 for married joint filers) deposited into a qualified retirement account.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Ted Budd R-NCOriginal
Who scored on this bill
- 1Margaret Hassan SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by Margaret Hassan.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.