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Retirement Protection 2022: Increased Savings and Tax Benefits

This act aims to boost retirement savings by increasing contribution limits to retirement accounts and modifying tax credit rules. It introduces new percentage rates for the Saver's Credit and temporarily raises contribution limits for specific retirement plans.
Key points
Increases the Saver's Credit rate to 50% and sets new adjusted gross income threshold amounts (e.g., $48,000 for joint returns).
Temporarily increases contribution limits for retirement plans (such as 401(k) and IRAs) and deductible amounts by $4,000.
Allows contributions made before the 15th day of the fourth month following the taxable year to be treated as made during that taxable year.
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Expired
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Additional Information
Print number: 117_HR_8579
Sponsor: Rep. Schweikert, David [R-AZ-6]
Process start date: 2022-07-28
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Retirement Protection Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_8579.

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 2022-07-28.

What are the main provisions?

Key points include:

  • Increases the Saver's Credit rate to 50% and sets new adjusted gross income threshold amounts (e.g., $48,000 for joint returns).
  • Temporarily increases contribution limits for retirement plans (such as 401(k) and IRAs) and deductible amounts by $4,000.
  • Allows contributions made before the 15th day of the fourth month following the taxable year to be treated as made during that taxable year.
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 2026-01-02.

CATEGORIES

Taxes Benefits Economy