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Tax Credits for Small Nonprofits to Offer Employee Retirement Plans.

This law allows small non-profit organizations (like charities and foundations) to claim tax credits for starting and maintaining employee retirement plans. By reducing the financial burden on these employers, the bill encourages them to offer retirement savings options to their staff. This means more employees in the non-profit sector will likely gain access to workplace retirement benefits, enhancing their long-term financial security.
Key points
Small non-profit employers can now receive a credit against their payroll tax for the costs of setting up a new retirement plan.
Credits also cover costs related to automatically enrolling employees into these retirement savings plans.
The credit amount is limited to the amount of payroll tax (employer's share of Social Security) actually paid by the organization.
The changes take effect for taxable years beginning after December 31, 2024.
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Additional Information
Print number: 118_S_4965
Sponsor: Sen. Lankford, James [R-OK]
Process start date: 2024-08-01
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small Nonprofit Retirement Security Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4965.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-08-01.

What are the main provisions?

Key points include:

  • Small non-profit employers can now receive a credit against their payroll tax for the costs of setting up a new retirement plan.
  • Credits also cover costs related to automatically enrolling employees into these retirement savings plans.
  • The credit amount is limited to the amount of payroll tax (employer's share of Social Security) actually paid by the organization.
  • The changes take effect for taxable years beginning after December 31, 2024.
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. Lankford, James [R-OK].

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