What is the official ID of this bill?
The official print number for this legislation is S 4965.
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.
Status:
Expired
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