,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #hcg  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,febru>y #bf1 #bjac   
,mr4 ,neal 7= himself1 ,mr4 ,lewis1 ,mr4
 ,k9d1 & ,mr4 ,ellison7 introduc$ !     
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,ways & ,means  ,a ,,bill 
,to am5d ! ,int]nal ,rev5ue ,code (     
#aihf to exp& ! availability ( ! sav]'s 
cr$it1 to make ! cr$it refundable1 & to 
make ,f$]al mat*+ contributions into !  
retirem5t sav+s ( ! taxpay]4  #a4 ,%ort 
title ,?is ,act may be cit$ z ! ,sav+s =
 ,am]ican ,families' ,future ,act (     
#bjac4  #b4 ,modification ( sav]'s cr$it
  7a7 #ej p]c5t cr$it = all taxpay]s3   
expansion ( phase\t ranges ,subsection  
7b7 ( section #be;,b ( ! ,int]nal       
,rev5ue ,code ( #aihf is am5d$ to read z
 foll[s3  7b7 ,applicable p]c5tage ,=   
purposes ( ?is section--  7#a7 ,9 g5]al 
,except z provid$ 9 p>agraph 7#b71 !    
applicable p]c5tage is #ej p]c5t4  7#b7 
,phase\t ,! p]c5tage "u p>agraph 7#a7   
%all be r$uc$ 7b n bel[ z]o7 by ! numb] 

( p]c5tage po9ts :i* be>s ! same ratio  
to #ej p]c5tage po9ts z--  7,a7 ! excess
 (--  7i7 ! taxpay]'s adju/$ gross      
income = su* taxable ye>1 ov]  7ii7 !   
applicable doll> am\nt1 be>s to  7,b7 ! 
phase\t range4  ,if any r$uction det]m9$
 "u ?is p>agraph is n a :ole p]c5tage   
po9t1 su* r$uction %all be r\nd$ to !   
ne>e/ :ole p]c5tage po9t4  7#c7         
,applicable doll> am\nt2 phase\t range  
7,a7 ,jo9t returns ,except z provid$ 9  
subp>agraph 7,b7--  7i7 ! applicable    
doll> am\nt is #fe1jjj1 &  7ii7 !       
phase\t range is #bj1jjj4  7,b7 ,o!r    
returns ,9 ! case (--  7i7 a head ( a   
h\sehold 7z def9$ 9 section #b7;b771 !  
applicable doll> am\nt & ! phase\t range
 %all be #c_/d ( ! am\nts applicable "u 
subp>agraph 7,a7 7z adju/$ "u p>agraph  
7#d771 &  7ii7 any taxpay] :o is n fil+ 
a jo9t return & :o is n a head ( a      
h\sehold 7z s def9$71 ! applicable doll>
 am\nt & ! phase\t range %all be  ( !   
am\nts applicable "u subp>agraph 7,a7 7z
 s adju/$74  7#d7 ,inflation adju/m5t ( 

applicable doll> am\nt ,9 ! case ( any  
taxable ye> beg9n+ 9 a cal5d> ye> aft]  
#bjad1 ! doll> am\nt 9 p>agraph         
7#c77;,a77i7 %all be increas$ by an     
am\nt equal to--  7,a7 su* doll> am\nt1 
multipli$ by  7,b7 ! co/-(-liv+ adju/m5t
 det]m9$ "u section #a7;f77#c7 = !      
cal5d> ye> 9 :i* ! taxable ye> beg9s1   
det]m9$ by sub/itut+ cal5d> ye> #bjac = 
cal5d> ye> #aiib 9 subp>agraph 7,b7     
!re(4  ,any increase det]m9$ "u ! prec$+
 s5t5ce %all be r\nd$ to ! ne>e/        
multiple ( #ejj4  4  7b7 ,cr$it made    
refundable2 mat*+ contributions  7#a7   
,cr$it made refundable ,! ,int]nal      
,rev5ue ,code ( #aihf is am5d$ by mov+  
section #be;,b to subp>t ,c ( "p ,,iv ( 
sub*apt] ,a ( *apt] #a ( su* ,code      
7relat+ to refundable cr$its71 by ins]t+
 section #be;,b aft] section #cf;,b1 &  
by r$esignat+ section #be;,b z section  
#cf;,c4  7#b7 ,mat*+ contributions      
,section #cf;,c ( su* ,code1 z          
r$esignat$ by p>agraph 7#a71 is am5d$ by
 add+ at ! end ! foll[+3  7g7 ,mat*+    

contributions  7#a7 ,9 g5]al ,! cr$it   
all[$ to an eligible individual "u ?is  
section = any taxable ye> %all be twice 
! cr$it :i* w\ld 7b = ?is subsection7 be
 all[$ if--  7,a7 ! individual cons5ts  
to ! application ( p>agraph 7#b71 &     
7,b7 a designation by su* individual is 
9 effect = su* ye> "u p>agraph 7#c74    
7#b7 ,cr$it paid into designat$         
retirem5t acc\nt ,any cr$it "u ?is      
section = any taxable ye> %all be paid  
by ! ,secret>y into ! designat$         
retirem5t acc\nt ( ! individual = su*   
ye>4 ,! am\nt payable "u ! prec$+ s5t5ce
 %all be subject to ! r$uctions "u      
section #fdjb 9 ! same mann] z if su*   
am\nt 7 an ov]paym5t4 ,! am\nt s paid   
%all be treat$ z refund$ to su*         
individual4  7#c7 ,designat$ retirem5t  
acc\nt ,= purposes ( ?is subsection1 !  
t]m designat$ retirem5t acc\nt means any
 acc\nt or plan--  7,a7 ( a type to :i* 
qualifi$ retirem5t sav+s contributions  
may be made1  7,b7 :i* is = su*         
individual's b5efit1 &  7,c7 :i* is     

designat$ by su* individual 79 su* =m & 
mann] z ! ,secret>y may provide7 on !   
return ( tax = ! taxable ye>4  7#d7     
,treatm5t ( mat*+ contributions ,9 !    
case ( an am\nt paid "u p>agraph 7#b7   
into a designat$ retirem5t acc\nt--     
7,a7 any doll> limitation o!rwise       
applicable to ! am\nt ( contributions or
 def]rals to su* acc\nt %all be increas$
 by ! am\nt s paid1  7,b7 ! individual's
 basis 9 su* acc\nt %all n be increas$  
by reason ( ! am\nt s paid1 &  7,c7 su* 
am\nt %all be treat$ z an employ]       
contribution = ! plan ye> 9 :i* su*     
am\nt is paid = purposes (--  7i7       
section #dja7k77#c71 &  7ii7 section    
#djh7k77#f77;,a77iii74  7#e7            
,regulations ,! ,secret>y %all prescribe
 su* regulations or o!r guidance z may  
be necess>y to address situations "u :i*
 ! ,secret>y is n able to make a paym5t 
to a designat$ retirem5t acc\nt ( an    
individual1 includ+ a plan ( an employ] 
= :i* ! individual no long] works & to  
an acc\nt t does n exi/4  4  7#c7       

,con=m+ am5dm5ts  7,a7 ,section         
#fbaa7;b77#d77;,a7 ( su* ,code is am5d$ 
by ins]t+ #cf;,c1 aft] #cf;,b14  7,b7 ,!
 table ( sections = subp>t ,a ( "p ,,iv 
( sub*apt] ,a ( *apt] #a ( su* ,code is 
am5d$ by /rik+ ! item relat+ to section 
#be;,b4  7,c7 ,! table ( sections =     
subp>t ,c ( su* "p is am5d$ by add+ at !
 end ! foll[+ new item3  ,sec4 #cf;,c4  
,elective def]rals & ,,ira contributions
 by c]ta9 individuals4  4  7,d7 ,section
 #acbd7;b77#b7 ( title #ca1 ,unit$      
,/ates ,code1 is am5d$ by ins]t+ #cf;,c1
 aft] #cf;,b14  7c7 ,maximum            
contributions ,subsection 7a7 ( section 
#cf;,c ( su* ,code1 z r$esignat$ by     
subsection 7b71 is am5d$ to read z      
foll[s3  7a7 ,all[ance ( cr$it  7#a7 ,9 
g5]al ,9 ! case ( an eligible           
individual1 !re %all be all[$ z a cr$it 
aga9/ ! tax impos$ by ?is subtitle = !  
taxable ye> an am\nt equal to !         
applicable p]c5tage ( s mu* ( ! qualifi$
 retirem5t sav+s contributions ( !      
eligible individual = ! taxable ye> z d 

n exce$ ! contribution limit4  7#b7     
,contribution limit ,= purposes (       
p>agraph 7#a7--  7,a7 ,9 g5]al ,except z
 o!rwise provid$ 9 ?is p>agraph1 !      
contribution limit is #ejj 7#a1ejj =    
taxable ye>s beg9n+ aft] #bjbc74  7,b7  
,annual increases to rea* #a1ejj ,9 !   
case ( taxable ye>s beg9n+ 9 a cal5d>   
ye> aft] #bjac & be=e #bjbd1 !          
contribution limit %all be ! sum (--    
7i7 ! contribution limit = taxable ye>s 
beg9n+ 9 ! prec$+ cal5d> ye> 7z increas$
 "u ?is subp>agraph71 &  7ii7 #ajj4     
7,c7 ,inflation adju/m5t ,9 ! case ( any
 taxable ye> beg9n+ 9 a cal5d> ye> aft] 
#bjbc1 ! #a1ejj am\nt 9 subp>agraph 7,a7
 %all be increas$ by an am\nt equal to--
  7i7 su* doll> am\nt1 multipli$ by     
7ii7 ! co/-(-liv+ adju/m5t det]m9$ "u   
section #a7;f77#c7 = ! cal5d> ye> 9 :i* 
! taxable ye> beg9s1 det]m9$ by         
sub/itut+ cal5d> ye> #bjbb = cal5d> ye> 
#aiib 9 subp>agraph 7,b7 !re(4  ,any    
increase det]m9$ "u ! prec$+ s5t5ce %all
 be r\nd$ to ! ne>e/ multiple ( #ej4  4 

7d7 ,effective date ,! am5dm5ts made by 
?is section %all apply to taxable ye>s  
beg9n+ aft] ,decemb] #ca1 #bjac4