H.R. 8083 · 116th Congress
Preserving Employee Retirement Savings Act of 2020
- Stage
- In committee
- Sponsor
- Brad Schneider
- Introduced
- 2020-08-21
- Latest action
- 2020-08-21 · Introduced in House
Summary
Preserving Employee Retirement Savings Act of 2020
This bill allows an employer that has a temporary substantial business hardship and, if not a tax-exempt or cooperative organization, does not have more that $41.5 million in gross receipts a tax credit for 20% of retirement contributions made to employee retirement accounts. The amount of such credit for any employer may not exceed $100,000 in any taxable year.