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Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Encouraging Americans to Save Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to provide matching payments for retirement savings contributions by certain individuals.

Actions Overview (1)

02/03/2016Introduced in Senate

All Actions (1)

02/03/2016Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (5)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Cantwell, Maria [D-WA]* 02/03/2016
Sen. Cardin, Benjamin L. [D-MD]* 02/03/2016
Sen. Brown, Sherrod [D-OH]* 02/03/2016
Sen. Casey, Robert P., Jr. [D-PA]* 02/03/2016
Sen. Klobuchar, Amy [D-MN] 02/10/2016

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance02/03/2016 Referred to

No related bill information was received for S.2492.

Subjects (5)

Latest Summary (1)

There is one summary for S.2492. View summaries

Shown Here:
Introduced in Senate (02/03/2016)

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.