PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Feb 3, 2016
Encouraging Americans to Save Act
This bill amends the Internal Revenue Code to expand the tax credit for retirement savings contributions to: (1) make such credit refundable; (2) allow individual taxpayers (excluding dependents and full-time students) who have attained age 18 as of the close of the taxable year a credit for 50% of their retirement savings contributions up to $1,000; (3) increase the maximum income threshold for determining eligibility for the credit; and (4) allow direct deposit of credit amounts into the taxpayer's retirement savings vehicle (e.g., MyRA or Roth IRA account).
The Department of the Treasury shall educate taxpayers on the benefits of the credit for retirement savings contributions.
People & committees
Sen. Wyden, Ron [D-OR] · D–OR
Legislative record
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Read twice and referred to the Committee on Finance.
Introduced in Senate
Primary sources
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Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.
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