# 116-hr-7418: Encouraging Americans to Save Act

116-hr-7418, Encouraging Americans to Save Act, is a 116th Congress bill sponsored by Rep. Chu, Judy [D-CA-28] (D-CA); status Referred to the House Committee on Ways and Means. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/116-hr-7418
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 116-hr-7418
- Congress: 116
- Title: Encouraging Americans to Save Act
- Status: Referred to the House Committee on Ways and Means.
- Introduced: 2020-06-30
- Sponsor: Rep. Chu, Judy [D-CA-28] (D-CA)
- Cosponsors: 2
- Policy area: Taxation
- Touches household money: no
- Last recorded action: 2025-11-18

## Summary

Encouraging Americans to Save Act This bill sets forth provisions to provide matching payments for retirement savings and Individual Retirement Account (IRA) contributions for individuals who have attained age 18, excluding dependents and full-time students. Specifically, it allows an enhanced 50% tax credit, up to $3,000, for deductible retirement savings contributions and for IRA contributions. The bill also directs the Department of the Treasury to establish a permanent program to be known as the MyRA Program to allow individuals or employers to establish a Roth IRA. Treasury must also take steps to increase public awareness of the benefits of this bill and the MyRA Program in particular.

## Cosponsors (2)

- Rep. Panetta, Jimmy [D-CA-19] (D-CA), 2020-06-30T00:00:00.000Z
- Rep. Sewell, Terri A. [D-AL-7] (D-AL), 2020-06-30T00:00:00.000Z

## Related bills

- 116-hr-8696: Securing a Strong Retirement Act of 2020
- 116-hr-8345: Air Carrier Worker Support Extension Act of 2020
- 116-hr-8171: Save our Social Security Now Act
- 116-hr-8015: Delivering for America Act
- 116-hr-7947: Supporting Foster Youth and Families through the Pandemic Act
- 116-hr-7830: Fairness for Seniors and People with Disabilities During COVID-19 Act of 2020

## Sources
- [116-hr-7418 on Congress.gov](https://www.congress.gov/bill/116th-congress/house-bill/7418)

## Related
- [116-hr-8696: Securing a Strong Retirement Act of 2020](https://policyrisk.com/legislation/116-hr-8696)
- [116-hr-8345: Air Carrier Worker Support Extension Act of 2020](https://policyrisk.com/legislation/116-hr-8345)
- [116-hr-8171: Save our Social Security Now Act](https://policyrisk.com/legislation/116-hr-8171)
- [116-hr-8015: Delivering for America Act](https://policyrisk.com/legislation/116-hr-8015)
- [116-hr-7947: Supporting Foster Youth and Families through the Pandemic Act](https://policyrisk.com/legislation/116-hr-7947)
- [116-hr-7830: Fairness for Seniors and People with Disabilities During COVID-19 Act of 2020](https://policyrisk.com/legislation/116-hr-7830)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/116-hr-7418 (as of 2025-11-18).