summary
Introduced
08/04/2020
08/04/2020
In Committee
08/04/2020
08/04/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to allow a credit to small employers with respect to each employee who is a military spouse and eligible to participate in a defined contribution plan of the employer. This bill allows a small business employer a tax credit for each employee who is a military spouse and eligible to participate in the employer's defined contribution retirement plan.
AI Summary
This bill, the Military Spouses Retirement Security Act, allows a small business employer to claim a tax credit for each employee who is a military spouse and eligible to participate in the employer's defined contribution retirement plan. The credit is worth $250 for each eligible military spouse employee, plus up to $250 in employer contributions made to the plan for that employee. The bill defines an "eligible small employer" as a business that meets certain criteria, and a "military spouse" as an individual married to a member of the uniformed services. The bill requires that eligible military spouses be allowed to participate in the employer's retirement plan within 2 months of starting employment and receive certain minimum employer contributions and vesting rights.
Committee Categories
Budget and Finance
Sponsors (27)
Jason Crow (D)*,
Don Bacon (R),
John Carter (R),
Charlie Crist (D),
Rodney Davis (R),
Brian Fitzpatrick (R),
Jahana Hayes (D),
Chrissy Houlahan (D),
Mike Kelly (R),
Trent Kelly (R),
David Kustoff (R),
John Larson (D),
Frank Lucas (R),
Elaine Luria (D),
Kenny Marchant (R),
Stephanie Murphy (D),
Jimmy Panetta (D),
Ed Perlmutter (D),
Dean Phillips (D),
Chris Stewart (R),
Steve Stivers (R),
Van Taylor (R),
G.T. Thompson (R),
Mac Thornberry (R),
Ann Wagner (R),
Jackie Walorski (R),
Brad Wenstrup (R),
Last Action
Referred to the House Committee on Ways and Means. (on 08/04/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/7927/all-info |
| BillText | https://www.congress.gov/116/bills/hr7927/BILLS-116hr7927ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr7927/BILLS-116hr7927ih.pdf.pdf |
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