Lets small charities and nonprofits get tax credits for setting up retirement plans for their workers.
Currently, only regular businesses can get tax credits for starting retirement plans or setting up automatic enrollment for their employees. This bill would let eligible tax-exempt organizations, like many charities, churches, and community groups, also claim these credits. They would get these credits against their payroll taxes, making it easier for them to offer retirement savings options.
Today, only businesses that pay income tax can claim tax credits for starting retirement plans or setting up automatic enrollment. After this bill, eligible tax-exempt organizations, like nonprofits and churches, would also be able to claim these credits. They would use these credits to reduce their payroll tax payments, starting for budget years after December 31, 2024.
HR 4548 · 119th Congress · AI Summary by gemini-2.5-flash · 9/10
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7 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.