Retirement Investment in Small Employers Act

Bill: 118-hr-6007
Sponsor: full_name: Rep. Tenney, Claudia [R-NY-24]
Introduced: 2023-10-19
Policy area: Taxation
Latest action: action_date: 2023-10-25
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-10-19
action_desc: Introduced in House
text: <p> <strong>Retirement Investment in Small Employers Act </strong></p> <p>This bill allows an increased start-up tax credit (from $500 to $2,500) for micro-businesses (not more than 10 employees) for the costs of setting up a defined contribution pension plan.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 6007 IN THE HOUSE OF REPRESENTATIVES October 19, 2023 Ms. Tenney (for herself and Mr. Kildee ) introduced the following bill October 25, 2023 Referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to provide for a microemployer pension plan startup credit.

1. Short title This Act may be cited as the Retirement Investment in Small Employers Act . 2. Microemployer pension plan startup credit (a) In general Section 45E of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (g) Credit for microemployers (1) In general In the case of a qualified microemployer— (A) subsection (a) shall be applied by substituting 100 percent for 50 percent , and (B) subsection (b)(1) shall be applied by substituting $2,500 for $500 in subparagraph (A) thereof. (2) Qualified microemployer For purposes of this subsection, the term qualified microemployer means an employer which would be an eligible employer if section 408(p)(2)(C)(i)(I) were applied by substituting 10 for 100 , but only if the eligible employer plan established or maintained by such employer, under the terms of the plan, accepts payment of the matching contribution under section 6433. . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2026.