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Tax Relief for Sole Proprietors: Retroactive Retirement Contributions

This proposed bill makes it easier for sole proprietors to contribute to their retirement plans. They will be able to count contributions made after the tax year ends but before filing their tax return as if they were made in the previous year. This gives them more flexibility to plan their retirement savings and benefit from tax deductions.
Key points
Sole proprietors can make retirement plan contributions after the tax year ends.
These contributions will be treated as made in the prior tax year if done before the tax filing deadline.
The change applies to plan years beginning after December 31, 2021.
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Status:
Expired
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Additional Information
To amend the Internal Revenue Code of 1986 to allow retroactive elective deferrals for owners of unincorporated businesses in the case of a plan adopted after the close of the taxable year and before the time for filing the return of tax.
Print number: HR 2943
Sponsor: Rep. Schweikert, David [R-AZ-6]
Process start date: 2021-04-30
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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Summary & Status

Key Questions about Tax Relief for Sole Proprietors: Retroactive Retirement Contributions

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is HR 2943.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-04-30.

What are the main provisions?

Key points include:

  • Sole proprietors can make retirement plan contributions after the tax year ends.
  • These contributions will be treated as made in the prior tax year if done before the tax filing deadline.
  • The change applies to plan years beginning after December 31, 2021.

What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Schweikert, David [R-AZ-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

Analysis and Potential Impact of HR 2943

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Taxes Economy