US HB6562 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Republican 12-0)
Status: Introduced on April 21 2020 - 25% progression, died in committee
Action: 2020-04-21 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 21 2020 - 25% progression, died in committee
Action: 2020-04-21 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Increases contribution limits to certain tax-preferred retirement plans in taxable years beginning in 2020 by the lesser of 300% or the compensation of the plan participant that is includible in gross income. For purposes of determining the compensation of plan participants, the bill allows an election to use compensation for 2019 in lieu of 2020.
Title
SAVERS Act Securing Additional Value for Every Retirement Saver Act
Sponsors
| Rep. Patrick McHenry [R-NC] | Rep. Tom Emmer [R-MN] | Rep. Bill Huizenga [R-MI] | Rep. Dan Meuser [R-PA] |
| Rep. Ann Wagner [R-MO] | Rep. Peter King [R-NY] | Rep. Steve Stivers [R-OH] | Rep. David Kustoff [R-TN] |
| Rep. Michael McCaul [R-TX] | Rep. Denver Riggleman [R-VA] | Rep. Debbie Lesko [R-AZ] | Rep. Ron Wright [R-TX] |
History
| Date | Chamber | Action |
|---|---|---|
| 2020-04-21 | House | Referred to the House Committee on Ways and Means. |
| 2020-04-21 | House | Introduced in House |
Subjects
Bank accounts, deposits, capital
Employee benefits and pensions
Income tax deferral
Income tax exclusion
Taxation
Employee benefits and pensions
Income tax deferral
Income tax exclusion
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/116th-congress/house-bill/6562/all-info |
| Text | https://www.congress.gov/116/bills/hr6562/BILLS-116hr6562ih.pdf |
