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Increased Tax Credit for Micro-Employers to Start Retirement Plans.

This bill aims to make it easier for very small businesses (up to 10 employees) to establish workplace retirement savings plans. It increases the tax credit for startup costs from 50% to 100% and raises the maximum credit amount from $500 to $2,500. This change encourages micro-employers to offer retirement benefits, potentially giving more workers access to workplace savings.
Key points
Micro-employers (10 or fewer employees) can receive a 100% tax credit for retirement plan startup costs.
The maximum annual tax credit for starting a plan increases fivefold, from $500 to $2,500.
These changes will take effect for taxable years beginning after December 31, 2026.
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Additional Information
Print number: 118_S_4398
Sponsor: Sen. Hassan, Margaret Wood [D-NH]
Process start date: 2024-05-23
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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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_S_4398.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-05-23.

What are the main provisions?

Key points include:

  • Micro-employers (10 or fewer employees) can receive a 100% tax credit for retirement plan startup costs.
  • The maximum annual tax credit for starting a plan increases fivefold, from $500 to $2,500.
  • These changes will take effect for taxable 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 Sen. Hassan, Margaret Wood [D-NH].

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 2025-12-26.

CATEGORIES

Taxes Labor