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Increased Tax Credits for Small Businesses on Employee Retirement Savings Plans.

This act enhances tax credits for small businesses that contribute to their employees' retirement savings plans. Companies can receive a larger credit for these contributions, encouraging them to offer such benefits. This aims to help employees of small businesses build their future savings.
Key points
Small businesses can receive additional tax credits for contributions made to employee retirement plans.
The credit amount depends on the number of employees and decreases over time, but can be up to $1,000 per employee annually.
The credit applies only to contributions made for non-highly compensated employees.
These changes are effective for taxable years beginning after the act's enactment date.
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Status:
Expired
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Additional Information
Print number: 117_S_4153
Sponsor: Sen. Hickenlooper, John W. [D-CO]
Process start date: 2022-05-05
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
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Incentivizing Small Business Retirement Savings Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4153.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-05-05.

What are the main provisions?

Key points include:

  • Small businesses can receive additional tax credits for contributions made to employee retirement plans.
  • The credit amount depends on the number of employees and decreases over time, but can be up to $1,000 per employee annually.
  • The credit applies only to contributions made for non-highly compensated employees.
  • These changes are effective for taxable years beginning after the act's enactment date.
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 Sen. Hickenlooper, John W. [D-CO].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

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 Labor Economy