Helping Americans Save Act of 2015

To amend the Internal Revenue Code of 1986 to expand the Saver’s credit, and for other purposes. 1. Short title This Act may be cited as the Helping Americans Save Act of 2015 2. Saver’s credit expanded (a) Increase in income limits (1) In general Section 25B(b)(1) (A) in subparagraph (A) by striking $30,000 $50,000 (B) in subparagraph (B) by striking $30,000 but not over $32,500 $50,000 but not over $60,000 (C) in subparagraph (C) by striking $32,500 but not over $50,000 $60,000 but not over $70,000 (D) in subparagraph (D) by striking $50,000 $70,000 (2) Conforming amendment to inflation adjustment Section 25B(b)(3) of such Code is amended— (A) by striking 2006 2015 (B) by striking 2005 2014 (b) Adjustment of credit amount for inflation Section 25B(a) of such Code is amended— (1) by striking In the case of (1) In general In the case of , and (2) by adding at the end the following: (2) Inflation adjustment In the case of any taxable year beginning in a calendar year after 2015, the $2,000 amount contained in paragraph (1) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2014 calendar year 1992 Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $50. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2014. 3. Retirement contributions and savings disregarded for certain means-tested programs (a) TANF program Section 408(a) of the Social Security Act ( 42 U.S.C. 608(a) (13) Disregard of certain retirement accounts and contributions In determining the eligibility of an individual for assistance, or the amount of assistance payable to an individual, under a State program funded under this part, the State shall disregard any amount contributed by the individual to, and the value of— (A) any funds in a plan, contract, or account, described in sections 401(a), 403(a), 403(b), 408, 408A, 457(b), and 501(c)(18) of the Internal Revenue Code of 1986 and any funds in a Federal Thrift Savings Plan account as provided in section 8439 of title 5, United States Code; (B) any retirement program or account included in any successor or similar provision that may be enacted and determined to be exempt from tax under the Internal Revenue Code of 1986; and (C) any other retirement plans, contracts, or accounts (as determined by the Secretary of Health and Human Services). . (b) SSI program (1) Income disregard Section 1612(b) of such Act ( 42 U.S.C. 1382a(b) (A) by striking ; and (B) by striking the period at the end of paragraph (26) and inserting ; and (C) by adding at the end the following: (27) any amount received by the individual, to the extent that the amount is contributed by the individual to a program, plan, contract, or account referred to in section 1613(a). . (2) Resource disregard Section 1613(a) of such Act ( 42 U.S.C. 1382b(a) (A) by striking ; and (B) by striking the period at the end of paragraph (17) and inserting ; and (C) by adding at the end the following: (18) (A) any funds in a plan, contract, or account, described in sections 401(a), 403(a), 403(b), 408, 408A, 457(b), and 501(c)(18) of the Internal Revenue Code of 1986 and any funds in a Federal Thrift Savings Plan account as provided in section 8439 of title 5, United States Code; (B) any retirement program or account included in any successor or similar provision that may be enacted and determined to be exempt from tax under the Internal Revenue Code of 1986; and (C) any other retirement plans, contracts, or accounts (as determined by the Commissioner of Social Security). . (c) LIHEAP There shall not be included in any determination under section 2605(b)(2)(B) of the Low-Income Home Energy Assistance Act of 1981 ( 42 U.S.C. 8624(b)(2)(B) (1) any funds in a plan, contract, or account, described in sections 401(a), 403(a), 403(b), 408, 408A, 457(b), and 501(c)(18) of the Internal Revenue Code of 1986 and any funds in a Federal Thrift Savings Plan account as provided in section 8439 of title 5, United States Code; (2) any retirement program or account included in any successor or similar provision that may be enacted and determined to be exempt from tax under the Internal Revenue Code of 1986; and (3) any other retirement plans, contracts, or accounts (as determined by the Secretary of Health and Human Services).

Summary: Helping Americans Save Act of 2015 Amends the Internal Revenue Code to expand eligibility for the retirement savings tax credit by increasing income eligibility limits. Allows an annual inflation adjustment to such income levels for taxable years beginning after 2015. Amends title IV, part A (Temporary Assistance for Needy Families) of the Social Security Act to allow the disregard of the value of certain retirement plans for purposes of determining eligibility for programs to assist needy families, social security disability benefits, and low-income home energy assistance.