II 

109TH CONGRESS 

2D SESSION S. 3817 

To amend the Internal Revenue Code of 1986 to provide a tax credit for 

certain entities making matching contributions to retirement plans. 

IN THE SENATE OF THE UNITED STATES 

AUGUST 3, 2006 

Mr. TALENT 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 

a tax credit for certain entities making matching contributions to retirement plans. 

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 ‘‘Match Act of 2006’’. 

5 SEC. 2. TAX CREDIT FOR MATCHING FUNDS FOR RETIRE6 MENT PLANS. 

7 (a) ALLOWANCE OF CREDIT.— 

8 (1) IN GENERAL.—Subpart D of part IV of 

9 subchapter A of chapter 1 of the Internal Revenue 

10 Code of 1986 (relating to business related credits) is 


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1 amended by adding at the end the following new sec2 tion: 

3 ‘‘SEC. 45N. RETIREMENT PLAN INVESTMENT CREDIT. 

4 ‘‘(a) DETERMINATION OF AMOUNT.—For purposes of 

5 section 38, the retirement plan investment credit deter6 mined under this section with respect to any eligible entity 

7 for any taxable year is an amount equal to the retirement 

8 investment provided by such eligible entity during the tax9 able year. 

10 ‘‘(b) RETIREMENT INVESTMENT.—For purposes of 

11 this section, the term ‘retirement investment’ means, with 

12 respect to any taxable year, an amount equal to the sum 

13 of— 

14 ‘‘(1) the aggregate amount of qualified savings 

15 matches made by the eligible entity under an eligible 

16 retirement matching program during the taxable 

17 year, plus 

18 ‘‘(2) $20 with respect to each new participating 

19 individual of the entity for the taxable year. 

20 ‘‘(c) ELIGIBLE RETIREMENT MATCHING PRO21 GRAM.—For purposes of this section— 

22 ‘‘(1) IN GENERAL.—The term ‘eligible retire23 ment matching program’ means a program of an eli24 gible entity— 


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1 ‘‘(A) under which such entity provides a 

2 qualified savings match for the first $2,000 of 

3 qualified retirement savings contributions made 

4 during the taxable year of an eligible individual 

5 to a participating retirement plan, and 

6 ‘‘(B) which is approved by the Secretary as 

7 meeting the requirements of paragraph (2). 

8 ‘‘(2) PROGRAM REQUIREMENTS.—A program 

9 shall not be an eligible retirement matching program 

10 unless the program meets the following require11 ments: 

12 ‘‘(A) The program requires that a deposit 

13 of any qualified savings match shall be made 

14 not later than 90 days after receipt of the 

15 qualified retirement savings contribution. 

16 ‘‘(B) The program requires that qualified 

17 savings matches shall be provided on a uniform 

18 basis to eligible individuals. 

19 ‘‘(C) The program requires that the eligi20 ble entity shall not provide a qualified savings 

21 match to an individual unless the eligible enti22 ty— 

23 ‘‘(i) has no knowledge or reason to be24 lieve the individual is not an eligible indi25 vidual, and 


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1 ‘‘(ii) exercises reasonable due diligence 

2 in determining whether an individual is an 

3 eligible individual for the taxable year in 

4 which the individual makes the qualified 

5 retirement savings contribution. 

6 ‘‘(D) The program requires that any quali7 fied retirement savings contribution, and any 

8 qualified savings match attributable to such 

9 contribution, may not be distributed before the 

10 first day of the calendar year following the cal11 endar year in which such contribution was 

12 made. 

13 ‘‘(E) The program includes such proce14 dures as required by the Secretary in order to 

15 ensure that the program operates pursuant to 

16 the requirements of this section. 

17 ‘‘(F) The program meets such other re18 quirements as the Secretary may require. 

19 ‘‘(3) PROOF OF STATUS AS AN ELIGIBLE INDI20 VIDUAL.—In any taxable year in which contributions 

21 or deferrals are made with respect to a participating 

22 retirement plan by an individual, an eligible entity— 

23 ‘‘(A) may require such individual— 

24 ‘‘(i) to certify that— 


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1 ‘‘(I) such individual understands 

2 the rules and requirements of the pro3 gram, and 

4 ‘‘(II) such individual is an eligi5 ble individual, or 

6 ‘‘(ii) to provide the eligible entity with 

7 the income eligibility certificate provided to 

8 such individual under section 7529, and 

9 ‘‘(B) may request that such individual dis10 close the individual’s Federal income tax return 

11 for the immediately preceding taxable year or to 

12 grant the eligible entity access to such return. 

13 ‘‘(d) NEW PARTICIPATING INDIVIDUAL.—For pur14 poses of this section, the term ‘new participating indi15 vidual’ means an eligible individual who— 

16 ‘‘(1) makes a qualified retirement savings con17 tribution during the taxable year of the eligible enti18 ty to a participating retirement plan, and 

19 ‘‘(2) has not made a qualified retirement sav20 ings contribution to any eligible retirement plan 

21 maintained by the eligible entity in any preceding 

22 taxable year of the eligible entity. 

23 ‘‘(e) OTHER DEFINITIONS.—For purposes of this 

24 section— 

25 ‘‘(1) ELIGIBLE ENTITY.— 


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1 ‘‘(A) IN GENERAL.—The term ‘eligible en2 tity’ means, with respect to any eligible retire3 ment matching program, any person which— 

4 ‘‘(i) has a relationship described in 

5 subparagraph (B) to the participating re6 tirement plan under the program, and 

7 ‘‘(ii) is designated as the eligible enti8 ty under the program. 

9 ‘‘(B) RELATIONSHIP DESCRIBED.—A per10 son has a relationship described in this sub11 paragraph to a participating retirement plan if 

12 such person is— 

13 ‘‘(i) the employer maintaining the 

14 plan, 

15 ‘‘(ii) the plan administrator, 

16 ‘‘(iii) the trustee of the plan, or 

17 ‘‘(iv) any other person specified under 

18 regulations prescribed by the Secretary. 

19 ‘‘(2) ELIGIBLE INDIVIDUAL.— 

20 ‘‘(A) IN GENERAL.—The term ‘eligible in21 dividual’ means, with respect to any taxable 

22 year, an individual who— 

23 ‘‘(i) has attained the age of 18 as of 

24 the last day of such taxable year, 


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1 ‘‘(ii) was not a student (as defined in 

2 section 151(c)(4)) for the immediately pre3 ceding taxable year, 

4 ‘‘(iii) is not an individual with respect 

5 to whom a deduction under section 151 is 

6 allowable to another taxpayer for a taxable 

7 year of the other taxpayer ending during 

8 the immediately preceding taxable year of 

9 the individual, and 

10 ‘‘(iv) is a taxpayer the modified ad11 justed gross income of whom for the imme12 diately preceding taxable year does not ex13 ceed— 

14 ‘‘(I) $50,000, in the case of a 

15 taxpayer described in section 1(a), 

16 ‘‘(II) $37,500, in the case of a 

17 taxpayer described in section 1(b), 

18 and 

19 ‘‘(III) $25,000, in the case of 

20 any other taxpayer. 

21 ‘‘(B) MODIFIED ADJUSTED GROSS IN22 COME.—For purposes of subparagraph (A)(iv), 

23 the term ‘modified adjusted gross income’ 

24 means adjusted gross income determined with25 out regard to sections 911, 931, and 933. 


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1 ‘‘(C) INFLATION ADJUSTMENT.—In the 

2 case of any taxable year beginning in a calendar 

3 year after 2008, each of the dollar amounts in 

4 subparagraph (A)(iv) shall be increased by an 

5 amount equal to— 

6 ‘‘(i) such dollar amount, multiplied by 

7 ‘‘(ii) the cost-of-living adjustment de8 termined under section 1(f)(3) for the cal9 endar year in which the taxable year be10 gins, determined by substituting ‘calendar 

11 year 2007‘ for ‘calendar year 1992’ in sub12 paragraph (B) thereof. 

13 Any increase determined under the preceding 

14 sentence shall be rounded to the nearest mul15 tiple of $500. 

16 ‘‘(3) QUALIFIED SAVINGS MATCH.—The term 

17 ‘qualified savings match’ means a contribution by an 

18 eligible entity on behalf of an eligible individual to 

19 a participating retirement plan in an amount equal 

20 to 50 percent of the qualified retirement savings 

21 contribution made by such eligible individual during 

22 the taxable year. 

23 ‘‘(4) QUALIFIED RETIREMENT SAVINGS CON24 TRIBUTIONS.— 


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1 ‘‘(A) IN GENERAL.—The term ‘qualified 

2 retirement savings contributions’ means, with 

3 respect to any taxable year of an eligible indi4 vidual— 

5 ‘‘(i) the amount of contributions made 

6 by such eligible individual to a partici7 pating retirement plan for such individual’s 

8 benefit, or 

9 ‘‘(ii) the amount of elective deferrals 

10 made by or on behalf of such eligible indi11 vidual under a participating retirement 

12 plan. 

13 ‘‘(B) REDUCTION FOR CERTAIN DISTRIBU14 TIONS.— 

15 ‘‘(i) IN GENERAL.—The qualified re16 tirement savings contributions determined 

17 under subparagraph (A) shall be reduced 

18 (but not below zero) by the aggregate dis19 tributions received by the individual during 

20 the testing period from all eligible retire21 ment plans of such individual. The pre22 ceding sentence shall not apply to the por23 tion of any distribution which is not in24 cludible in gross income by reason of a 


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1 trustee-to-trustee transfer or a rollover dis2 tribution. 

3 ‘‘(ii) TESTING PERIOD.—For purposes 

4 of clause (i), the testing period, with re5 spect to a taxable year, is the period which 

6 includes such taxable year and the 2 pre7 ceding taxable years. 

8 ‘‘(iii) EXCEPTED DISTRIBUTIONS.— 

9 There shall not be taken into account 

10 under clause (i)— 

11 ‘‘(I) any distribution referred to 

12 in section 72(p), 401(k)(8), 

13 401(m)(6), 402(g)(2), 404(k), or 

14 408(d)(4), 

15 ‘‘(II) any distribution to which 

16 section 408A(d)(3) applies, and 

17 ‘‘(III) any distribution to which 

18 subsection (f) applies. 

19 ‘‘(iv) TREATMENT OF DISTRIBUTIONS

20 RECEIVED BY SPOUSE OF INDIVIDUAL.— 

21 For purposes of determining distributions 

22 received by an individual under clause (i) 

23 for any taxable year, any distribution re24 ceived by the spouse of such individual 

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1 vidual if such individual and spouse file a 

2 joint return for such taxable year and for 

3 the taxable year during which the spouse 

4 receives the distribution. 

5 ‘‘(5) PARTICIPATING RETIREMENT PLAN.—The 

6 term ‘participating retirement plan’ means any eligi7 ble retirement plan which is part of an eligible re8 tirement matching program. 

9 ‘‘(6) ELIGIBLE RETIREMENT PLAN.—The term 

10 ‘eligible retirement plan’ has the meaning given such 

11 term under section 402(c)(8)(B). 

12 ‘‘(f) TREATMENT OF DISQUALIFIED SAVINGS

13 MATCHES.— 

14 ‘‘(1) IN GENERAL.—If any individual receives a 

15 disqualified savings match in any taxable year, 

16 then— 

17 ‘‘(A) an amount equal to such disqualified 

18 savings match plus any earnings attributable to 

19 such disqualified savings match shall be distrib20 uted to such individual, and 

21 ‘‘(B) the tax imposed under this chapter 

22 for such taxable year on such eligible individual 

23 shall be increased by an amount equal to 100 

24 percent of such disqualified savings match. 

25 ‘‘(2) TREATMENT OF DISTRIBUTION.— 


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1 ‘‘(A) INCOME.—Notwithstanding section 

2 72(x)— 

3 ‘‘(i) any disqualified savings match for 

4 any taxable year shall not be included in 

5 the gross income of the individual for the 

6 taxable year, and 

7 ‘‘(ii) the amount of any distribution 

8 made pursuant to paragraph (1)(A) shall 

9 not be included in gross income for the 

10 taxable year. 

11 ‘‘(B) PENALTIES.—Section 72(t) shall not 

12 apply to any distribution made pursuant to 

13 paragraph (1)(A). 

14 ‘‘(C) EFFECT ON PLANS.—A plan shall not 

15 be treated as failing to meet the requirements 

16 of section 401(k)(2)(B), 403(b)(7)(A)(ii), or 

17 403(b)(11) by reason of any distribution made 

18 pursuant to paragraph (1)(A). 

19 ‘‘(3) DISQUALIFIED SAVINGS MATCH.—For pur20 poses of this subsection, the term ‘disqualified sav21 ings match’ means, with respect to any taxable year 

22 of an individual— 

23 ‘‘(A) in the case of an individual who is 

24 not an eligible individual for such taxable year, 

25 any payment under an eligible retirement 


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1 matching program for which an eligible entity 

2 claims a credit under subsection (a), and 

3 ‘‘(B) in the case of an individual who is an 

4 eligible individual for such taxable year, the 

5 amount of aggregate qualified savings matches 

6 received under one or more participating retire7 ment plans which is in excess of $1,000. 

8 ‘‘(g) SPECIAL RULES.— 

9 ‘‘(1) DENIAL OF DOUBLE BENEFIT.—No deduc10 tion or credit (other than under this section) shall 

11 be allowed under this chapter with respect to any ex12 pense which is taken into account under subsection 

13 (a) in determining the credit under this section. 

14 ‘‘(2) COORDINATION WITH PENSION PLAN

15 RULES.— 

16 ‘‘(A) IN GENERAL.—Any qualified savings 

17 match which is made by an eligible entity under 

18 an eligible retirement matching program— 

19 ‘‘(i) shall not be treated as a matching 

20 contribution of the entity for purposes of 

21 this title, and 

22 ‘‘(ii) shall not be subject to any other23 wise applicable limitation contained in sec24 tion 402(g), 402(h), 403(b), 404(a), 

25 404(h), 408, 415, or 457, and shall not be 


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1 taken into account in applying such limita2 tions to other contributions or benefits 

3 under such plan or any other plan, with re4 spect to the year in which the contribution 

5 is made. 

6 ‘‘(B) EFFECT ON PLANS.—A plan shall not 

7 be treated as failing to meet the requirements 

8 of section 401(a)(4), 401(a)(26), 401(k)(3), 

9 401(k)(11), 401(k)(12), 401(m), 403(b)(12), 

10 408(k)(3), 408(k)(6), 408(p), 410(b), or 416 by 

11 reason of any qualified savings match made by 

12 an eligible entity under an eligible retirement 

13 matching program. 

14 ‘‘(h) CREDIT MAY BE TRANSFERRED.— 

15 ‘‘(1) IN GENERAL.—An eligible entity may 

16 transfer any credit allowable to the eligible entity 

17 under subsection (a) to any person other than to an18 other eligible entity which is exempt from tax under 

19 this title. The determination as to whether a credit 

20 is allowable shall be made without regard to the tax21 exempt status of the eligible entity. 

22 ‘‘(2) CONSENT REQUIRED FOR REVOCATION.— 

23 Any transfer under paragraph (1) may be revoked 

24 only with the consent of the Secretary. 


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1 ‘‘(3) REGULATIONS.—The Secretary may pre2 scribe such regulations as necessary to ensure that 

3 any credit described in paragraph (1) is claimed 

4 once and not retransferred by a transferee. 

5 ‘‘(i) REPORTS.— 

6 ‘‘(1) IN GENERAL.—Each eligible entity shall 

7 make such reports to the Secretary and to eligible 

8 individuals regarding— 

9 ‘‘(A) qualified savings matches provided 

10 under an eligible retirement matching program, 

11 ‘‘(B) distributions from any participating 

12 retirement plan account aggregating $10 or 

13 more during any calendar year, and 

14 ‘‘(C) such other information as the Sec15 retary may require. 

16 ‘‘(2) TIME FOR MAKING REPORTS.—The reports 

17 required by this subsection— 

18 ‘‘(A) shall be filed at such time and in 

19 such manner as the Secretary prescribes, and 

20 ‘‘(B) shall be furnished to eligible individ21 uals— 

22 ‘‘(i) not later than January 31 of the 

23 calendar year following the calendar year 

24 to which such reports relate, and 


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1 ‘‘(ii) in such manner as the Secretary 

2 prescribes. 

3 ‘‘(j) REGULATIONS.—The Secretary may prescribe 

4 such regulations as may be necessary or appropriate to 

5 carry out this section.’’. 

6 (2) CREDIT TREATED AS BUSINESS CREDIT.— 

7 Section 38(b) of such Code (relating to current year 

8 business credit) is amended by striking ‘‘and’’ at the 

9 end of paragraph (29), by striking the period at the 

10 end of paragraph (30) and inserting ‘‘, plus’’, and 

11 by adding at the end the following new paragraph: 

12 ‘‘(31) the retirement plan investment credit de13 termined under section 45N(a).’’. 

14 (b) TREATMENT OF MATCHING CONTRIBUTIONS.— 

15 Section 72 of the Internal Revenue Code of 1986 is 

16 amended by redesignating subsection (x) as subsection (y) 

17 and by inserting after subsection (w) the following new 

18 subsection: 

19 ‘‘(x) TREATMENT OF ELIGIBLE RETIREMENT

20 MATCHING PROGRAM CONTRIBUTIONS.— 

21 ‘‘(1) IN GENERAL.—If an eligible entity pro22 vides a qualified savings match to an eligible retire23 ment plan under an eligible retirement matching 

24 program, then the amount of such match— 


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1 ‘‘(A) shall be treated as income to the eli2 gible individual, and 

3 ‘‘(B) shall be added to the investment on 

4 the contract. 

5 ‘‘(2) DEFINITIONS.—Any term used in this sub6 section which is also used in section 45N shall have 

7 the meaning given such term by section 45N.’’. 

8 (c) CERTIFICATES OF ELIGIBILITY.—Chapter 77 of 

9 the Internal Revenue Code of 1986 is amended by adding 

10 at the end the following new section: 

11 ‘‘SEC. 7529. CERTIFICATE OF INCOME ELIGIBILITY FOR ELI12 GIBLE RETIREMENT MATCHING PROGRAMS. 

13 ‘‘(a) IN GENERAL.—The Secretary shall establish a 

14 program for providing income eligibility certificates to tax15 payers who meet the requirements of clauses (iii) and (iv) 

16 of section 45N(e)(2)(A). 

17 ‘‘(b) PROVISION OF CERTIFICATE THROUGH MAIL.— 

18 As soon as practicable after receiving a taxpayer’s return 

19 for a taxable year, the Secretary shall mail such certificate 

20 to the taxpayer.’’. 

21 (d) PENALTY ON ELIGIBLE ENTITIES FOR MATCH22 ING CONTRIBUTIONS TO INELIGIBLE INDIVIDUALS.—Part 

23 I of subchapter B of chapter 68 of the Internal Revenue 

24 Code of 1986 is amended by adding at the end the fol25 lowing new section: 


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1 ‘‘SEC. 6720B. PAYMENT OF QUALIFIED MATCHING CON2 TRIBUTIONS TO INELIGIBLE INDIVIDUALS. 

3 ‘‘(a) IN GENERAL.—If an eligible entity provides in4 eligible savings matches under an eligible retirement pro5 gram to 10 percent or more of the individuals partici6 pating in such program during the taxable year, then such 

7 eligible entity shall pay a penalty in an amount equal to 

8 25 percent of the credit allowed to such entity under sec9 tion 45N for such taxable year. 

10 ‘‘(b) PENALTY IN CASE OF INTENTIONAL DIS11 REGARD.—If an eligible entity provides an ineligible sav12 ings match to an individual in any taxable year due to 

13 intentional disregard of whether such individual is an eligi14 ble individual, such eligible entity shall pay a penalty in 

15 an amount equal to 100 percent of the credit allowed to 

16 such entity under section 45N for such taxable year. 

17 ‘‘(c) DEFINITIONS.—For purposes of this section— 

18 ‘‘(1) INELIGIBLE SAVINGS MATCH.—The term 

19 ‘ineligible savings match’ means a qualified savings 

20 match which is paid to an individual who is not an 

21 eligible individual for the taxable year in which the 

22 qualified savings match is paid. 

23 ‘‘(2) OTHER DEFINITIONS.—Any term used in 

24 this section which is also used in section 45N shall 

25 have the meaning given such term by section 45N.’’. 


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1 (e) COORDINATION WITH SAVERS’ CREDIT.—Section 

2 25B(c) of the Internal Revenue Code of 1986 is amended 

3 by adding at the end the following new paragraph: 

4 ‘‘(3) PARTICIPATION IN ELIGIBLE RETIREMENT

5 MATCHING PROGRAMS.—The term ‘eligible indi6 vidual’ shall not include any individual who receives 

7 a qualified savings match under an eligible retire8 ment matching program under section 45N during 

9 the taxable year.’’. 

10 (f) ACCOUNT FUNDS DISREGARDED FOR PURPOSES

11 OF CERTAIN MEANS-TESTED FEDERAL PROGRAMS.— 

12 (1) EARNED INCOME CREDIT.—Subparagraph 

13 (B) of section 32(c)(2) of the Internal Revenue Code 

14 of 1986 is amended by striking ‘‘and’’ at the end of 

15 clause (v), by striking the period at the end of clause 

16 (vi) and inserting ‘‘, and’’, and by adding at the end 

17 the following new clause: 

18 ‘‘(vii) no qualified savings match (as 

19 defined in section 45N(e)(3)), including 

20 earnings thereon, paid as part of an eligi21 ble retirement matching program (as de22 fined in section 45N(c)) shall be taken into 

23 account.’’. 

24 (2) OTHER PROGRAMS.—Notwithstanding any 

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1 eration of 1 or more financial circumstances of an 

2 individual, for the purpose of determining eligibility 

3 to receive, or the amount of, any assistance or ben4 efit authorized by such provision to be provided to 

5 or for the benefit of such individual, the amount of 

6 any qualified savings match (within the meaning of 

7 section 45N(e)(3) of the Internal Revenue Code of 

8 1986, as added by this Act), including earnings 

9 thereon, paid to such individual under an eligible re10 tirement matching program (as defined in section 

11 45N(c) of such Code) shall be disregarded for such 

12 purpose. 

13 (g) CLERICAL AMENDMENTS.— 

14 (1) The table of sections for subpart C of part 

15 IV of subchapter A of chapter 1 of the Internal Rev16 enue Code of 1986 is amended by adding at the end 

17 the following new item: 

‘‘Sec. 45N. Retirement plan investment credit.’’. 

18 (2) The table of sections for part I of sub19 chapter B of chapter 68 of such Code is amended 

20 by adding at the end the following new item: 

‘‘Sec. 6720B. Payment of qualified matching contributions to ineligible individuals.’’. 

21 (3) The table of sections for chapter 77 of such 

22 Code is amended by adding at the end the following 

23 new item: 


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‘‘Sec. 7529. Certificate of income eligibility for eligible retirement matching 

programs.’’. 

1 (h) EFFECTIVE DATE.—The amendments made by 

2 this section shall apply to contributions made in taxable 

3 years beginning after December 31, 2007. 

Æ 


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