,i #aacth ,,congress #ast ,session ,h4 ,r4 #hcg ,,in ,,the ,,house ,,of ,,representatives ,february #bf1 #bjac ,mr4 ,neal 7for himself1 ,mr4 ,lewis1 ,mr4 ,kind1 and ,mr4 ,ellison7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to expand the availability of the saver's credit1 to make the credit refundable1 and to make ,federal matching contributions into the retirement savings of the taxpayer4 #a4 ,short title ,this ,act may be cited as the ,savings for ,american ,families' ,future ,act of #bjac4 #b4 ,modification of saver's credit 7a7 #ej percent credit for all taxpayers3 expansion of phaseout ranges ,subsection 7b7 of section #be;,b of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7b7 ,applicable percentage ,for purposes of this section-- 7#a7 ,in general ,except as provided in paragraph 7#b71 the applicable percentage is #ej percent4 7#b7 ,phaseout ,the percentage under paragraph 7#a7 shall be reduced 7but not below zero7 by the number of percentage points which bears the same ratio to #ej percentage points as-- 7,a7 the excess of-- 7i7 the taxpayer's adjusted gross income for such taxable year1 over 7ii7 the applicable dollar amount1 bears to 7,b7 the phaseout range4 ,if any reduction determined under this paragraph is not a whole percentage point1 such reduction shall be rounded to the nearest whole percentage point4 7#c7 ,applicable dollar amount2 phaseout range 7,a7 ,joint returns ,except as provided in subparagraph 7,b7-- 7i7 the applicable dollar amount is #fe1jjj1 and 7ii7 the phaseout range is #bj1jjj4 7,b7 ,other returns ,in the case of-- 7i7 a head of a household 7as defined in section #b7;b771 the applicable dollar amount and the phaseout range shall be #c_/d of the amounts applicable under subparagraph 7,a7 7as adjusted under paragraph 7#d771 and 7ii7 any taxpayer who is not filing a joint return and who is not a head of a household 7as so defined71 the applicable dollar amount and the phaseout range shall be of the amounts applicable under subparagraph 7,a7 7as so adjusted74 7#d7 ,inflation adjustment of applicable dollar amount ,in the case of any taxable year beginning in a calendar year after #bjad1 the dollar amount in paragraph 7#c77;,a77i7 shall be increased by an amount equal to-- 7,a7 such dollar amount1 multiplied by 7,b7 the cost-of-living adjustment determined under section #a7;f77#c7 for the calendar year in which the taxable year begins1 determined by substituting calendar year #bjac for calendar year #aiib in subparagraph 7,b7 thereof4 ,any increase determined under the preceding sentence shall be rounded to the nearest multiple of #ejj4 4 7b7 ,credit made refundable2 matching contributions 7#a7 ,credit made refundable ,the ,internal ,revenue ,code of #aihf is amended by moving section #be;,b to subpart ,c of part ,,iv of subchapter ,a of chapter #a of such ,code 7relating to refundable credits71 by inserting section #be;,b after section #cf;,b1 and by redesignating section #be;,b as section #cf;,c4 7#b7 ,matching contributions ,section #cf;,c of such ,code1 as redesignated by paragraph 7#a71 is amended by adding at the end the following3 7g7 ,matching contributions 7#a7 ,in general ,the credit allowed to an eligible individual under this section for any taxable year shall be twice the credit which would 7but for this subsection7 be allowed if-- 7,a7 the individual consents to the application of paragraph 7#b71 and 7,b7 a designation by such individual is in effect for such year under paragraph 7#c74 7#b7 ,credit paid into designated retirement account ,any credit under this section for any taxable year shall be paid by the ,secretary into the designated retirement account of the individual for such year4 ,the amount payable under the preceding sentence shall be subject to the reductions under section #fdjb in the same manner as if such amount were an overpayment4 ,the amount so paid shall be treated as refunded to such individual4 7#c7 ,designated retirement account ,for purposes of this subsection1 the term designated retirement account means any account or plan-- 7,a7 of a type to which qualified retirement savings contributions may be made1 7,b7 which is for such individual's benefit1 and 7,c7 which is designated by such individual 7in such form and manner as the ,secretary may provide7 on the return of tax for the taxable year4 7#d7 ,treatment of matching contributions ,in the case of an amount paid under paragraph 7#b7 into a designated retirement account-- 7,a7 any dollar limitation otherwise applicable to the amount of contributions or deferrals to such account shall be increased by the amount so paid1 7,b7 the individual's basis in such account shall not be increased by reason of the amount so paid1 and 7,c7 such amount shall be treated as an employer contribution for the plan year in which such amount is paid for purposes of-- 7i7 section #dja7k77#c71 and 7ii7 section #djh7k77#f77;,a77iii74 7#e7 ,regulations ,the ,secretary shall prescribe such regulations or other guidance as may be necessary to address situations under which the ,secretary is not able to make a payment to a designated retirement account of an individual1 including a plan of an employer for which the individual no longer works and to an account that does not exist4 4 7#c7 ,conforming amendments 7,a7 ,section #fbaa7;b77#d77;,a7 of such ,code is amended by inserting #cf;,c1 after #cf;,b14 7,b7 ,the table of sections for subpart ,a of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by striking the item relating to section #be;,b4 7,c7 ,the table of sections for subpart ,c of such part is amended by adding at the end the following new item3 ,sec4 #cf;,c4 ,elective deferrals and ,,ira contributions by certain individuals4 4 7,d7 ,section #acbd7;b77#b7 of title #ca1 ,united ,states ,code1 is amended by inserting #cf;,c1 after #cf;,b14 7c7 ,maximum contributions ,subsection 7a7 of section #cf;,c of such ,code1 as redesignated by subsection 7b71 is amended to read as follows3 7a7 ,allowance of credit 7#a7 ,in general ,in the case of an eligible individual1 there shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal to the applicable percentage of so much of the qualified retirement savings contributions of the eligible individual for the taxable year as do not exceed the contribution limit4 7#b7 ,contribution limit ,for purposes of paragraph 7#a7-- 7,a7 ,in general ,except as otherwise provided in this paragraph1 the contribution limit is #ejj 7#a1ejj for taxable years beginning after #bjbc74 7,b7 ,annual increases to reach #a1ejj ,in the case of taxable years beginning in a calendar year after #bjac and before #bjbd1 the contribution limit shall be the sum of-- 7i7 the contribution limit for taxable years beginning in the preceding calendar year 7as increased under this subparagraph71 and 7ii7 #ajj4 7,c7 ,inflation adjustment ,in the case of any taxable year beginning in a calendar year after #bjbc1 the #a1ejj amount in subparagraph 7,a7 shall be increased by an amount equal to-- 7i7 such dollar amount1 multiplied by 7ii7 the cost-of-living adjustment determined under section #a7;f77#c7 for the calendar year in which the taxable year begins1 determined by substituting calendar year #bjbb for calendar year #aiib in subparagraph 7,b7 thereof4 ,any increase determined under the preceding sentence shall be rounded to the nearest multiple of #ej4 4 7d7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjac4