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Retirement Tax Credit for Cooperatives and Charities.

This act introduces a new tax credit for individuals saving for retirement through plans offered by cooperatives and certain charities. This means employees of these entities can receive a refund for a portion of employer contributions made to their retirement accounts, potentially boosting their future savings.
Key points
New Tax Credit: You can receive a 10% refund on employer retirement contributions, up to $1,000 annually.
Who Benefits: The credit applies to employees participating in retirement plans offered by cooperatives and specific charitable organizations.
Inflation Adjustment: The maximum credit amount will be adjusted annually for inflation, ensuring its value doesn't decrease over time.
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Status:
Expired
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Additional Information
Print number: 117_HR_6738
Sponsor: Rep. Kind, Ron [D-WI-3]
Process start date: 2022-02-15
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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OFFICIAL LEGAL TITLE

Retirement Tax Credit Parity for Cooperatives and Charities Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_6738.

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 2022-02-15.

What are the main provisions?

Key points include:

  • New Tax Credit: You can receive a 10% refund on employer retirement contributions, up to $1,000 annually.
  • Who Benefits: The credit applies to employees participating in retirement plans offered by cooperatives and specific charitable organizations.
  • Inflation Adjustment: The maximum credit amount will be adjusted annually for inflation, ensuring its value doesn't decrease over time.
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. Kind, Ron [D-WI-3].

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 2025-12-28.

What is the impact of this bill?

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.

CATEGORIES

Taxes Benefits Labor