Senate Bill 3636
115th Congress(2017-2018)
Encouraging Americans to Save Act
Introduced
Introduced in Senate on Nov 15, 2018
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3636
Congress
115
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No Senate votes have been held for this bill.
Summary
Encouraging Americans to Save Act
This bill replaces the existing saver's tax credit for certain individuals who contribute to retirement accounts with federal matching payments. For individuals with incomes that do not exceed specified levels, the bill requires the federal government to provide matching contributions equal to 50% of up to $1,000 in annual contributions to retirement accounts.
The bill also requires the Department of the Treasury to reestablish the MyRA program, which is a program that establishes and maintains Roth Individual Retirement Accounts for individuals. The investments in the accounts are limited to retirement savings bonds issued by Treasury.
November 15, 2018
11/15/2018
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7053-7054)
11/15/2018
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:40:56 PM