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Student Saver's Tax Credit: New Retirement Savings Rules.

This act changes the rules for the saver's tax credit, making it available to students. This means students contributing to their retirement accounts can receive a tax credit for a portion of those contributions. The changes aim to encourage young people to start saving for their future earlier.
Key points
Students claimed as dependents by other taxpayers are now eligible for the saver's tax credit for retirement contributions.
The credit applies to contributions made to IRAs and other elective deferral retirement plans.
These changes are effective for contributions made after the act's enactment date.
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Additional Information
Print number: 118_HR_2641
Sponsor: Rep. Allred, Colin Z. [D-TX-32]
Process start date: 2023-04-17
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Expanded Student Saver’s Tax Credit Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2641.

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 2023-04-17.

What are the main provisions?

Key points include:

  • Students claimed as dependents by other taxpayers are now eligible for the saver's tax credit for retirement contributions.
  • The credit applies to contributions made to IRAs and other elective deferral retirement plans.
  • These changes are effective for contributions made 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 Rep. Allred, Colin Z. [D-TX-32].

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 2025-12-25.

CATEGORIES

Taxes Education