I 
109TH CONGRESS 
1ST SESSION H. R. 1305
To amend the Internal Revenue Code of 1986 to make permanent and 
refundable, and to expand, the saver’s credit. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 15, 2005
Mr. EMANUEL (for himself, Mr. BECERRA, Mr. LARSON of Connecticut, Mr. 
MCDERMOTT, Mr. MEEKS of New York, and Mr. ABERCROMBIE) intro-
duced the following bill; which was referred to the Committee on Ways 
and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to make 
permanent and refundable, and to expand, the saver’s credit.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Retirement Savings 
for Working Americans Act’’. 
SEC. 2. EXPANDED, PERMANENT, AND REFUNDABLE SAV-
ER’S CREDIT. 
(a) CREDIT MADE REFUNDABLE.—The Internal 
Revenue Code of 1986 is amended by redesignating sec-
tion 36 as section 37, by redesignating section 25B as sec-
tion 36, and by moving section 36 (as so redesignated) 
from subpart A of part IV of subchapter A of chapter 1 
(relating to nonrefundable personal credits) to imme-
diately after section 35 in subpart C of such part (relating 
to refundable credits). 
(b) EXPANSION OF PHASEOUT RANGES.—Subsection 
(b) of section 36 of such Code (as redesignated under this 
section) is amended to read as follows: 
‘‘(b) APPLICABLE PERCENTAGE.—For purposes of 
this section—
‘‘(1) IN GENERAL.—Except as provided in para-
graph (2), the applicable percentage is 50 percent. 
‘‘(2) PHASEOUT.—With respect to any taxpayer 
for any taxable year, the applicable percentage shall 
be reduced (but not below zero) by the percentage 
which bears the same ratio to 50 percent as—
‘‘(A) the excess of—
‘‘(i) the taxpayer’s adjusted gross in-
come for such taxable year, over 
‘‘(ii) the applicable dollar amount, 
bears to 
‘‘(B) the phaseout range.
If any reduction under this paragraph is not a mul-
tiple of 1 percent, such reduction shall be rounded 
to the nearest multiple of 1 percent. 
‘‘(3) APPLICABLE DOLLAR AMOUNT; PHASEOUT 
RANGE.—The applicable dollar amount and the 
phaseout range shall be determined in accordance 
with the following table:
‘‘In the case of: 
The applicable dollar 
amount is: 
The phaseout 
range is: 
A joint return .....................................
$60,000
$10,000
A head of a household ........................
$45,000
$7,500
Any other case ...................................
$30,000
$5,000’’. 
(c) CREDIT MADE PERMANENT.—Section 36 of such 
Code (as redesignated under this section) is amended by 
striking subsection (h). 
(d) CONFORMING AMENDMENTS.—
(1) Section 24(b)(3)(B) of such Code is amend-
ed by striking ‘‘and 25B’’. 
(2) Section 25(e)(1)(C) of such Code is amend-
ed by striking ‘‘25B,’’. 
(3) Sections 26(a)(1), 904(i), and 1400C(d) of 
such Code are each amended by striking ‘‘24, and 
25B’’ and inserting ‘‘and 24’’. 
(4) The heading of section 36 of such Code (as 
redesignated under this section) is amended by strik-
ing ‘‘ELECTIVE’’ and inserting ‘‘SAVER’S CREDIT: 
ELECTIVE’’.
(5) Section 36 of such Code (as so redesig-
nated) is amended by striking subsection (g). 
(6) The table of sections for subpart A of part 
IV of subchapter A of chapter 1 of such Code is 
amended by striking the item relating to section 
25B. 
(7) The table of sections for subpart C of such 
part is amended by redesignating the item relating 
to section 36 as an item relating to section 37 and 
by inserting before such item the following new item:
‘‘Sec. 36. Saver’s credit: elective deferrals and IRA contributions by certain in-
dividuals.’’.
(8) Section 1324(b)(2) of title 31, United 
States Code, is amended by inserting ‘‘or 36’’ after 
‘‘section 35’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2005.
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