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Increased Tax Credits for Small Businesses on Retirement Plans.

New rules boost tax credits for very small businesses that set up or maintain retirement plans for their employees. This aims to encourage more small employers to offer retirement benefits, potentially helping employees save for their future.
Key points
Businesses with up to 10 employees can receive 100% of their startup costs for retirement plans, up from the previous 50%.
The maximum startup cost credit increases from $500 to $2,500 annually for these micro-employers.
These changes apply to tax years beginning after December 31, 2024.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_1840
Sponsor: Sen. Hassan, Margaret Wood [D-NH]
Process start date: 2025-05-21
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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

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 119_S_1840.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-05-21.

What are the main provisions?

Key points include:

  • Businesses with up to 10 employees can receive 100% of their startup costs for retirement plans, up from the previous 50%.
  • The maximum startup cost credit increases from $500 to $2,500 annually for these micro-employers.
  • These changes apply to tax years beginning after December 31, 2024.
What is the specific legal status?

The current status is Introduced.

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 2025-12-23.

CATEGORIES

Taxes Labor Economy