II 

117TH CONGRESS 

1ST SESSION S. 2452 

To amend the Internal Revenue Code of 1986 to provide matching payments 

for retirement savings contributions by certain individuals, and for other 

purposes. 

IN THE SENATE OF THE UNITED STATES 

JULY 22, 2021 

Mr. WYDEN (for himself, Mr. BENNET, Mr. CASEY, Mr. DURBIN, Ms. KLOBUCHAR, Mr. MENENDEZ, and Mrs. MURRAY) introduced the following 

bill; which was read twice and referred to the Committee on Finance 

A BILL 

To amend the Internal Revenue Code of 1986 to provide 

matching payments for retirement savings contributions 

by certain individuals, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Encouraging Ameri5 cans to Save Act’’. 


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1 SEC. 2. SAVER’S MATCHING CREDIT FOR ELECTIVE DEFER2 RAL AND IRA CONTRIBUTIONS BY CERTAIN 

3 INDIVIDUALS. 

4 (a) IN GENERAL.—Subchapter B of chapter 65 of the 

5 Internal Revenue Code of 1986 is amended by adding at 

6 the end the following new section: 

7 ‘‘SEC. 6433. SAVER’S MATCHING CREDIT FOR ELECTIVE DE8 FERRAL AND IRA CONTRIBUTIONS BY CER9 TAIN INDIVIDUALS. 

10 ‘‘(a) IN GENERAL.— 

11 ‘‘(1) ALLOWANCE OF CREDIT.—Any eligible in12 dividual who makes qualified retirement savings con13 tributions for the taxable year shall be allowed a 

14 credit for such taxable year in an amount equal to 

15 the applicable percentage of so much of the qualified 

16 retirement savings contributions made by such eligi17 ble individual for the taxable year as does not exceed 

18 $2,000. 

19 ‘‘(2) PAYMENT OF CREDIT.—The credit under 

20 this section shall be paid by the Secretary as a con21 tribution (as soon as practicable after the eligible in22 dividual has filed a tax return for the taxable year) 

23 to the applicable retirement savings vehicle of an eli24 gible individual. 

25 ‘‘(b) APPLICABLE PERCENTAGE.—For purposes of 

26 this section— 


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1 ‘‘(1) IN GENERAL.—Except as provided in para2 graph (2), the applicable percentage is 50 percent. 

3 ‘‘(2) PHASEOUT.—The percentage under para4 graph (1) shall be reduced (but not below zero) by 

5 the number of percentage points which bears the 

6 same ratio to 50 percentage points as— 

7 ‘‘(A) the excess of— 

8 ‘‘(i) the taxpayer’s modified adjusted 

9 gross income for such taxable year, over 

10 ‘‘(ii) the applicable dollar amount, 

11 bears to 

12 ‘‘(B) the phaseout range. 

13 If any reduction determined under this paragraph is 

14 not a whole percentage point, such reduction shall be 

15 rounded to the next lowest whole percentage point. 

16 ‘‘(3) APPLICABLE DOLLAR AMOUNT; PHASEOUT

17 RANGE.— 

18 ‘‘(A) JOINT RETURNS.—Except as pro19 vided in subparagraph (B)— 

20 ‘‘(i) the applicable dollar amount is 

21 $65,000, and 

22 ‘‘(ii) the phaseout range is $20,000. 

23 ‘‘(B) OTHER RETURNS.—In the case of— 

24 ‘‘(i) a head of a household (as defined 

25 in section 2(b)), the applicable dollar 


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amount and the phaseout range shall be 3 1 ⁄4

2 of the amounts applicable under subpara3 graph (A) (as adjusted under subsection 

4 (g)), and 

5 ‘‘(ii) any taxpayer who is not filing a 

6 joint return and who is not a head of a 

7 household (as so defined), the applicable 

8 dollar amount and the phaseout range 

shall be 1 9 ⁄2 of the amounts applicable 

10 under subparagraph (A) (as so adjusted). 

11 ‘‘(4) EXCEPTION; MINIMUM CREDIT.—In the 

12 case of an eligible individual with respect to whom 

13 (without regard to this paragraph) the credit deter14 mined under subsection (a)(1) is greater than zero 

15 but less than $100, the credit allowed under this 

16 section shall be $100. 

17 ‘‘(c) ELIGIBLE INDIVIDUAL.—For purposes of this 

18 section— 

19 ‘‘(1) IN GENERAL.—Except as provided in para20 graph (2), the term ‘eligible individual’ means any 

21 individual if such individual has attained the age of 

22 18 as of the close of the taxable year. 

23 ‘‘(2) DEPENDENTS NOT ELIGIBLE.—The term 

24 ‘eligible individual’ shall not include any individual 

25 with respect to whom a deduction under section 151 


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1 is allowed to another taxpayer for a taxable year be2 ginning in the calendar year in which such individ3 ual’s taxable year begins. 

4 ‘‘(d) QUALIFIED RETIREMENT SAVINGS CONTRIBU5 TIONS.—For purposes of this section— 

6 ‘‘(1) IN GENERAL.—The term ‘qualified retire7 ment savings contributions’ means, with respect to 

8 any taxable year, the sum of— 

9 ‘‘(A) the amount of the qualified retire10 ment contributions (as defined in section 

11 219(e)) made by the eligible individual, 

12 ‘‘(B) the amount of— 

13 ‘‘(i) any elective deferrals (as defined 

14 in section 402(g)(3)) of such individual, 

15 and 

16 ‘‘(ii) any elective deferral of com17 pensation by such individual under an eli18 gible deferred compensation plan (as de19 fined in section 457(b)) of an eligible em20 ployer described in section 457(e)(1)(A), 

21 ‘‘(C) the amount of voluntary employee 

22 contributions by such individual to any qualified 

23 retirement plan (as defined in section 4974(c)), 

24 and 


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1 ‘‘(D) the amount of contributions by such 

2 individual to a qualified ABLE program (as de3 fined in section 529A(b)) for the benefit of the 

4 individual. 

5 Such term shall not include any amount attributable 

6 to a payment under subsection (a). 

7 ‘‘(2) REDUCTION FOR CERTAIN DISTRIBU8 TIONS.— 

9 ‘‘(A) IN GENERAL.—The qualified retire10 ment savings contributions determined under 

11 paragraph (1) for a taxable year shall be re12 duced (but not below zero) by the aggregate 

13 distributions received by the individual during 

14 the testing period from any entity of a type to 

15 which contributions under paragraph (1) may 

16 be made. 

17 ‘‘(B) TESTING PERIOD.—For purposes of 

18 subparagraph (A), the testing period, with re19 spect to a taxable year, is the period which in20 cludes— 

21 ‘‘(i) such taxable year, 

22 ‘‘(ii) the 2 preceding taxable years, 

23 and 

24 ‘‘(iii) the period beginning on the day 

25 after the last day of such taxable year and 


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1 ending with the due date (including exten2 sions) for filing the return of tax for such 

3 taxable year. 

4 ‘‘(C) EXCEPTED DISTRIBUTIONS.—There 

5 shall not be taken into account under subpara6 graph (A)— 

7 ‘‘(i) any distribution referred to in 

8 section 72(p), 401(k)(8), 401(m)(6), 

9 402(g)(2), 404(k), or 408(d)(4), 

10 ‘‘(ii) any distribution to which section 

11 408(d)(3) or 408A(d)(3) applies, 

12 ‘‘(iii) any distribution to which the 

13 rules described in the second sentence of 

14 section 529A(b)(2) apply, and 

15 ‘‘(iv) any portion of a distribution if 

16 such portion is transferred or paid in a 

17 rollover contribution (as defined in section 

18 402(c), 403(a)(4), 403(b)(8), 408A(e), or 

19 457(e)(16)) to an account or plan to which 

20 qualified retirement savings contributions 

21 can be made. 

22 ‘‘(D) TREATMENT OF DISTRIBUTIONS RE23 CEIVED BY SPOUSE OF INDIVIDUAL.—For pur24 poses of determining distributions received by 

25 an individual under subparagraph (A) for any 


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1 taxable year, any distribution received by the 

2 spouse of such individual shall be treated as re3 ceived by such individual if such individual and 

4 spouse file a joint return for such taxable year 

5 and for the taxable year during which the 

6 spouse receives the distribution. 

7 ‘‘(e) APPLICABLE RETIREMENT SAVINGS VEHI8 CLE.— 

9 ‘‘(1) IN GENERAL.—The term ‘applicable retire10 ment savings vehicle’ means— 

11 ‘‘(A) an account or plan elected by the eli12 gible individual under paragraph (2), 

13 ‘‘(B) in the case of qualified retirement 

14 savings contributions described in subsection 

15 (d)(1)(D), the qualified ABLE program (as de16 fined in section 529A(b)) to which such con17 tributions were made, or 

18 ‘‘(C) if no such election is made or the 

19 Secretary is not able to make a contribution 

20 into such account or plan, an account estab21 lished for the benefit of the eligible individual 

22 under the R-Bond Program. 

23 For purposes of subparagraph (C), if no account has 

24 previously been established for the benefit of the in25 dividual under the R-Bond Program, the Secretary 


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1 shall establish such an account for such individual 

2 for purposes of receiving contributions under this 

3 section. 

4 ‘‘(2) OTHER RETIREMENT VEHICLES.—An eligi5 ble individual may elect, in such form and manner 

6 as the Secretary may provide, to have the amount of 

7 the credit determined under subsection (a) contrib8 uted to an account or plan which— 

9 ‘‘(A) is a Roth IRA or a designated Roth 

10 account (within the meaning of section 402A) 

11 of an applicable retirement plan (as defined in 

12 section 402A(e)(1)), 

13 ‘‘(B) is for the benefit of the eligible indi14 vidual, and 

15 ‘‘(C) accepts contributions made under this 

16 section. 

17 In the case of a plan of which a qualified trust 

18 under section 401(a) is a part, an annuity contract 

19 described in section 403(b), or a plan described in 

20 section 457(b) which is established and maintained 

21 by an employer described in section 457(e)(1)(A), 

22 the plan shall have discretion whether to accept con23 tributions made under this section, but if the plan 

24 accepts any such contributions it shall accept them 

25 on a uniform basis. 


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1 ‘‘(f) OTHER DEFINITIONS AND SPECIAL RULES.— 

2 ‘‘(1) MODIFIED ADJUSTED GROSS INCOME.— 

3 For purposes of this section, the term ‘modified ad4 justed gross income’ means adjusted gross income— 

5 ‘‘(A) determined without regard to sections 

6 911, 931, and 933, and 

7 ‘‘(B) determined without regard to any ex8 clusion or deduction allowed for any qualified 

9 retirement savings contribution made during 

10 the taxable year. 

11 ‘‘(2) TREATMENT OF CONTRIBUTIONS.—In the 

12 case of any contribution under subsection (a)(2)— 

13 ‘‘(A) except as otherwise provided in this 

14 section or by the Secretary under regulations, 

15 such contribution shall be treated as— 

16 ‘‘(i) an elective deferral made by the 

17 individual which is a designated Roth con18 tribution, if contributed to an applicable 

19 retirement plan, or 

20 ‘‘(ii) a Roth IRA contribution made 

21 by such individual, if contributed to a Roth 

22 IRA, 

23 ‘‘(B) such contribution shall not be treated 

24 as income to the taxpayer, and 


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1 ‘‘(C) such contribution shall not be taken 

2 into account with respect to any applicable limi3 tation under sections 402(g)(1), 403(b), 

4 408(a)(1), 408(b)(2)(B), 408A(c)(2), 414(v)(2), 

5 415(c), or 457(b)(2), and shall be disregarded 

6 for purposes of sections 401(a)(4), 401(k)(3), 

7 401(k)(11)(B)(i)(III), 410(b), and 416. 

8 ‘‘(3) TREATMENT OF QUALIFIED PLANS, ETC.— 

9 A plan or arrangement to which a contribution is 

10 made under this section shall not be treated as vio11 lating any requirement under section 401, 403, 408, 

12 or 457 solely by reason of accepting such contribu13 tion. 

14 ‘‘(4) ERRONEOUS CREDITS.—If any contribu15 tion is erroneously paid under subsection (a)(2), the 

16 amount of such erroneous payment shall be treated 

17 as an underpayment of tax. 

18 ‘‘(g) INFLATION ADJUSTMENTS.— 

19 ‘‘(1) IN GENERAL.—In the case of any taxable 

20 year beginning in a calendar year after 2023, each 

21 of the dollar amounts in subsections (a)(1) and 

22 (b)(3)(A)(i) shall be increased by an amount equal 

23 to— 

24 ‘‘(A) such dollar amount, multiplied by 


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1 ‘‘(B) the cost-of-living adjustment deter2 mined under section 1(f)(3) for the calendar 

3 year in which the taxable year begins, deter4 mined by substituting ‘calendar year 2022’ for 

5 ‘calendar year 2016’ in subparagraph (A)(ii) 

6 thereof. 

7 ‘‘(2) ROUNDING.—Any increase determined 

8 under paragraph (1) shall be rounded to the nearest 

9 multiple of— 

10 ‘‘(A) $100 in the case of an adjustment of 

11 the amount in subsection (a)(1), and 

12 ‘‘(B) $1,000 in the case of an adjustment 

13 of the amount in subsection (b)(3)(A)(i).’’. 

14 (b) PAYMENT AUTHORITY.—Section 1324(b)(2) of 

15 title 31, United States Code, is amended by striking ‘‘or 

16 6431’’ and inserting ‘‘6431, or 6433’’. 

17 (c) DEFICIENCIES.—Section 6211(b)(4) is amended 

18 by striking ‘‘and 6431’’ and inserting ‘‘6431, and 6433’’. 

19 (d) REPORTING.—The Secretary of Labor, the Sec20 retary of the Treasury, and the Director of the Pension 

21 Benefit Guaranty Corporation shall— 

22 (1) amend Form 5500 to require separate re23 porting of the aggregate amount of contributions re24 ceived by the plan during the year under section 


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1 6433(a)(2) of the Internal Revenue Code of 1986 

2 (as added by this section), and 

3 (2) amend Form 5498 to require similar report4 ing with respect to individual retirement plans (as 

5 defined in section 7701(a)(37) of such Code). 

6 (e) CONFORMING AMENDMENTS.— 

7 (1) Section 25B of the Internal Revenue Code 

8 of 1986 is amended by striking subsections (a) 

9 through (f) and inserting the following: 

10 ‘‘For payment of credit related to qualified retirement sav11 ings contributions, see section 6433.’’. 

12 (2) The table of sections for subchapter B of 

13 chapter 65 of such Code is amended by adding at 

14 the end the following new item: 

‘‘Sec. 6433. Saver’s matching credit for elective deferral and IRA contributions 

by certain individuals.’’. 

15 (f) EFFECTIVE DATE.—The amendments made by 

16 this section shall apply to taxable years beginning after 

17 December 31, 2022. 

18 (g) CORONAVIRUS RECOVERY BONUS CREDIT.— 

19 (1) IN GENERAL.—In the case of taxable years 

20 beginning after December 31, 2022, and before Jan21 uary 1, 2028, the amount of the credit determined 

22 under section 6433 of the Internal Revenue Code of 

23 1986, as added by this section, shall be increased by 

24 an amount equal to 50 percent of so much of the 


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1 qualified retirement savings contributions made by 

2 an eligible individual for the taxable year as does not 

3 exceed— 

4 (A) $10,000, reduced by 

5 (B) the aggregate amount of qualified re6 tirement savings contributions made by the eli7 gible individual in all preceding taxable years 

8 which begin after December 31, 2022. 

9 (2) PHASEOUT.—The $10,000 amount under 

10 paragraph (1)(A) shall be reduced (but not below 

11 zero) by a percentage which bears the same ratio to 

12 50 percent as— 

13 (A) the excess of— 

14 (i) the taxpayer’s modified adjusted 

15 gross income for the taxable year, over 

16 (ii) the applicable dollar amount, 

17 bears to 

18 (B) the phaseout range. 

19 If any reduction determined under this paragraph is 

20 not a whole percentage point, such reduction shall be 

21 rounded to the next lowest whole percentage point. 

22 (3) DEFINITIONS.—For purposes of this sub23 section, the terms ‘‘qualified retirement savings con24 tributions’’, ‘‘eligible individual’’, ‘‘applicable dollar 

25 amount’’, and ‘‘phaseout range’’ have the meanings 


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1 given such terms by subsections (d), (c), and (b), re2 spectively, of section 6433 of such Code, as so 

3 added. 

4 SEC. 3. ESTABLISHMENT OF R-BOND PROGRAM. 

5 (a) IN GENERAL.—The Secretary of the Treasury 

6 shall, not later than January 31, 2023, establish a perma7 nent program, to be known as the ‘‘R-Bond Program’’, 

8 which meets the requirements of this section to establish 

9 and maintain individual retirement plans on behalf of indi10 viduals. 

11 (b) PROGRAM SPECIFICATIONS.— 

12 (1) IN GENERAL.— 

13 (A) IRAS.—The R-Bond Program estab14 lished under this section shall— 

15 (i) permit the establishment of indi16 vidual retirement plans on behalf of an in17 dividual, whether a traditional IRA or a 

18 Roth IRA or both, as appropriate; 

19 (ii) require the assets of each indi20 vidual retirement plan established under 

21 the program to be held by the designated 

22 IRA trustee; 

23 (iii) permit contributions to be made 

24 periodically to such individual retirement 

25 plans, including contributions paid under 


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1 section 6433(a)(2) of the Internal Revenue 

2 Code of 1986, contributions made by direct 

3 deposit or other electronic means, includ4 ing taxpayer-directed direct deposit of Fed5 eral income tax refunds by the Department 

6 of the Treasury, and by methods that pro7 vide access for the unbanked; 

8 (iv) permit distributions and rollovers 

9 from such individual retirement plans upon 

10 request of the account owner; 

11 (v) include procedures to consolidate 

12 multiple accounts established for the same 

13 individual in order that each individual, to 

14 the extent practicable, has only one Roth 

15 IRA and only one traditional IRA under 

16 the program; and 

17 (vi) ensure that such individual retire18 ment plans are invested solely in retire19 ment savings bonds issued by the Depart20 ment of the Treasury for the purpose of 

21 the R-Bond Program. 

22 (B) REGULATIONS, ETC.—The Secretary 

23 of the Treasury shall have authority to promul24 gate such regulations, rules, and other guidance 

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1 gram, and are consistent with this section, as 

2 well as coordination rules permitting individual 

3 retirement plans to be established under the R4 Bond Program by taxpayer election on the re5 turn of tax, and in connection with and in sup6 port of programs established under State and 

7 local laws that enroll residents in individual re8 tirement plans. 

9 (2) NO FEES.—No fees shall be assessed on 

10 participants in the R-Bond Program. 

11 (3) LIMITATIONS.— 

12 (A) CONTRIBUTION MINIMUM.—The Sec13 retary of the Treasury may establish minimum 

14 amounts for initial and additional contributions 

15 to an individual retirement plan under the R16 Bond Program, not to exceed $5. 

17 (B) LIMITATION OF ROLLOVER CONTRIBU18 TIONS AND TRANSFERS.—No rollover contribu19 tion or transfer shall be accepted to an indi20 vidual retirement plan under the R-Bond Pro21 gram except to the extent necessary to consoli22 date accounts as provided in paragraph (1)(v). 

23 (4) DESIGNATED IRA TRUSTEE.—For purposes 

24 of this section, the designated IRA trustee is the De25 partment of the Treasury or such other person as 


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1 the Secretary of the Treasury may designate to act 

2 as trustee of the individual retirement plans estab3 lished under the R-Bond Program. 

4 (5) DISCLOSURES.—The designated IRA trust5 ee shall provide in writing, in paper form mailed to 

6 the last known address of the individual unless the 

7 individual affirmatively elects to receive electronic 

8 statements— 

9 (A) annual account balance statements to 

10 individuals on behalf of whom individual retire11 ment plans are established under the R-Bond 

12 Program, which shall include— 

13 (i) an explanation that— 

14 (I) program account balances are 

15 solely invested in retirement savings 

16 bonds issued by the Department of 

17 the Treasury for the purpose of the 

18 R-Bond Program; 

19 (II) diversified investment oppor20 tunities which are not guaranteed by 

21 the Federal government are available 

22 for individual retirement plans estab23 lished by other providers; 

24 (III) no fees are charged under 

25 the R-Bond Program; and 


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1 (IV) the individual has the right 

2 to roll over or transfer an account bal3 ance without penalty; 

4 (ii) an illustration of the potential im5 pacts that higher yields may have on long6 term accumulation; and 

7 (iii) information on the types of fees 

8 that other providers may charge for the es9 tablishment of individual retirement plans, 

10 and the impact of fees on long-term accu11 mulation; and 

12 (B) if the account balance of the individual 

13 retirement plan exceeds $15,000 and the indi14 vidual has not previously so affirmed, a request 

15 that the individual affirm (including instruc16 tions for making such affirmation) to the des17 ignated IRA trustee that the individual does not 

18 want to roll over such account balance to an19 other plan (according to the rules relating to 

20 rollovers and transfers of individual retirement 

21 plans under the Internal Revenue Code of 

22 1986). 

23 (c) RETIREMENT SAVINGS BONDS.—For purposes of 

24 this section— 


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1 (1) IN GENERAL.—The term ‘‘retirement sav2 ings bond’’ means an interest-bearing electronic 

3 United States savings bond issued to the designated 

4 IRA trustee which is available only to participants in 

5 the R-Bond Program. 

6 (2) INTEREST RATE.—Bonds issued under the 

7 R-Bond Program shall earn interest at a rate equal 

8 to the greater of (determined on the issue date of 

9 the bond)— 

10 (A) the rate earned by the Government Se11 curities Investment Fund established under sec12 tion 8438(b)(1) of title 5, United States Code, 

13 or 

14 (B) the rate earned by a Series I United 

15 States savings bond. 

16 (3) REISSUE IN CASE OF CHANGE IN TRUST17 EE.—If a successor designated IRA trustee is des18 ignated under subsection (b)(4), the retirement sav19 ings bonds issued to the predecessor designated IRA 

20 trustee shall be reissued to such successor. 

21 (d) DEFINITIONS.—For purposes of this section— 

22 (1) INDIVIDUAL RETIREMENT PLAN.—The term 

23 ‘‘individual retirement plan’’ has the meaning given 

24 such term by section 7701(a)(37) of the Internal 

25 Revenue Code of 1986. 


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1 (2) TRADITIONAL IRA.—The term ‘‘traditional 

2 IRA’’ means an individual retirement plan which is 

3 not a Roth IRA. 

4 (3) ROTH IRA.—The term ‘‘Roth IRA’’ has the 

5 meaning given such term by section 408A(b) of such 

6 Code. 

7 (4) SECRETARY.—Any reference to the Sec8 retary of the Treasury includes a reference to such 

9 Secretary’s delegate. 

10 SEC. 4. PROMOTION AND GUIDANCE. 

11 (a) PROMOTION.—The Secretary of the Treasury (or 

12 the Secretary’s delegate) shall educate taxpayers on the 

13 benefits provided under section 6433 of the Internal Rev14 enue Code of 1986 and the R-Bond Program established 

15 under section 3 of this Act. 

16 (b) NOTICE.—Not later than 1 year after the date 

17 of the enactment of this Act— 

18 (1) PLAN ADMINISTRATORS.—The Secretary of 

19 the Treasury (or the Secretary’s delegate) and the 

20 Secretary of Labor, as appropriate, shall issue guid21 ance to plan administrators regarding information 

22 on the benefits provided under section 6433 of the 

23 Internal Revenue Code of 1986 and the R-Bond 

24 Program established under section 3 of this Act for 

25 participants and beneficiaries which is to be required 


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1 to be included in plan disclosures including summary 

2 plan descriptions, open enrollment materials, and 

3 annual notices otherwise provided by plans. Such 

4 guidance— 

5 (A) shall include model notice language in 

6 both English and Spanish that is deemed to 

7 satisfy the notice requirement of the preceding 

8 sentence, and 

9 (B) in the case of annual enrollment mate10 rials for a plan, shall specify that such notice 

11 may be given at the same time as any elective 

12 deferral or matching contribution safe harbor 

13 notice would be required to be given (even if the 

14 plan does not incorporate such a safe harbor) 

15 and may be incorporated into such safe harbor 

16 notice. 

17 (2) TRUSTEES AND ISSUERS OF IRAS.—The 

18 Secretary of the Treasury (or the Secretary’s dele19 gate) and the Secretary of Labor, as appropriate, 

20 shall issue guidance to trustees and issuers of indi21 vidual retirement plans regarding information on the 

22 benefits provided under section 6433 of the Internal 

23 Revenue Code of 1986 and the R-Bond Program es24 tablished under section 3 of this Act for potentially 


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1 eligible individuals which is to be required to be in2 cluded in individual retirement plan disclosures. 

3 (3) PAYMENT OF CREDITS.—Not later than 3 

4 years after the date of the enactment of this Act, the 

5 Secretary of the Treasury (or the Secretary’s dele6 gate) shall promulgate guidance setting forth proce7 dures that permit the direct payment of credits 

8 under section 6433 to an employer-sponsored plan in 

9 which the taxpayer is a participant and that elects 

10 to receive such credits, including rules regarding no11 tice to taxpayers and a plan of a payment of such 

12 credit and notice from a plan to a taxpayer and the 

13 Secretary confirming receipt of a payment. 

14 SEC. 5. DEADLINE TO FUND IRA WITH TAX REFUND. 

15 (a) IN GENERAL.—Paragraph (3) of section 219(f) 

16 of the Internal Revenue Code of 1986 is amended— 

17 (1) by striking ‘‘is made not later than’’ and in18 serting ‘‘is made— 

19 ‘‘(i) not later than’’, 

20 (2) by striking the period at the end and insert21 ing ‘‘, or’’, and 

22 (3) by adding at the end the following new 

23 clause: 

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1 turn for such taxable year to contribute all 

2 or a portion of any amount owed to the 

3 taxpayer to an individual retirement plan 

4 of the taxpayer, but only if the return is 

5 filed not later than the date described in 

6 clause (i).’’. 

7 (b) EFFECTIVE DATE.—The amendments made by 

8 this section shall apply to taxable years beginning after 

9 December 31, 2021. 

Æ 


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