Tag: Savers Tax Credit
![bank art](https://crr.bc.edu/wp-content/uploads/2022/05/bank-art.png)
The Savers Tax Credit sounds great on paper. Low-income people get a federal tax credit for saving money for retirement. But this part of the tax code always seems to disappoint. The House recently overwhelmingly passed a bill, the Secure Act 2.0, that – along with numerous other retirement provisions – makes the savers credit…
![Closeup of US tax form 1040 and businessman hand calculating and filling report paper at the office](https://crr.bc.edu/wp-content/uploads/2016/04/Closeup-of-US-tax-form-1040-and-businessman-hand-calculating-and-filling-report-paper-at-the-office-1536x1011.jpeg)
The brief’s key findings are: States are introducing initiatives to provide retirement plan coverage to private sector workers who lack it. These initiatives could be supplemented by the Saver’s Credit, a federal tax incentive for low- and moderate-income savers. The existing Saver’s Credit is limited and not refundable, but proposed legislation would extend the Credit…