In committee
Retirement Investment in Small Employers Act
Starting in 2025, this bill modifies the federal tax credit that helps small businesses with 100 or fewer employees cover the startup and administration costs of starting a new retirement plan. By amending this part of the tax code, the bill alters the financial assistance and tax relief available to small employers who set up retirement benefits for their workers.
- Read twice and referred to the Committee on Finance.
- Introduced in Senate
People affected—The text does not specify the number of small employers or employees affected by the amendment.
Fiscal magnitude—The text does not contain any specific appropriations, tax rate figures, or fiscal estimates.
Reach25provisional — pending reviewrigor: heuristic llm
Who it helps · who it burdens.
Who it burdens
- Internal Revenue ServiceThe IRS must administer and implement the amendment to Section 45E of the Internal Revenue Code for taxable years beginning after December 31, 2024. (Note: The specific substantive effects on taxpayers cannot be determined because the text of the new subsection is missing from the provided text.)