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Increased Tax Credits for Small Businesses on Retirement Plans

This act increases tax credits for very small businesses that set up or maintain retirement plans for their employees. The goal is to encourage more small employers to offer retirement benefits, which can help employees save for their future.
Key points
Companies with up to 10 employees can receive 100% reimbursement for initial costs of setting up a retirement plan, up from the previous 50%.
The maximum initial cost reimbursement increases from $500 to $2,500 annually for these smallest businesses.
These changes will apply to tax years beginning after December 31, 2026.
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Status:
Expired
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Additional Information
Print number: 118_HR_6007
Sponsor: Rep. Tenney, Claudia [R-NY-24]
Process start date: 2023-10-25
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
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Retirement Investment in Small Employers Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_6007.

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 2023-10-25.

What are the main provisions?

Key points include:

  • Companies with up to 10 employees can receive 100% reimbursement for initial costs of setting up a retirement plan, up from the previous 50%.
  • The maximum initial cost reimbursement increases from $500 to $2,500 annually for these smallest businesses.
  • These changes will apply to tax years beginning after December 31, 2026.
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. Tenney, Claudia [R-NY-24].

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.

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