Bill > HR1453

This bill, the Military Spouses Retirement Security Act, aims to provide a tax credit to small employers who offer defined contribution retirement plans that are eligible for participation by military spouses. The key provisions include: 1. A credit of $250 for each military spouse employee eligible to participate in the employer's qualified retirement plan, plus up to $250 in employer contributions made to the plan for such employees. 2. Eligibility is limited to small employers (as defined in the Internal Revenue Code) and the credit can only be claimed for the taxable year the military spouse begins participating in the plan and the two subsequent years. 3. The term "military spouse" is defined as an individual married to a member of the uniformed services, excluding highly compensated employees. 4. To qualify for the credit, the retirement plan must allow military spouses to participate within 2 months of starting employment and provide them with immediate eligibility for employer contributions and vesting. The goal of the bill is to incentivize small employers to offer retirement plan access and benefits to military spouses, helping to improve their financial security.

Budget and Finance

https://www.congress.gov/bill/117th-congress/house-bill/1453/all-info