RISE Act

This bill changes the federal tax credit that helps small businesses pay the startup costs of a new retirement plan. For employers with 10 or fewer employees whose plan accepts the federal matching contribution, the credit would cover 100 percent of eligible startup costs instead of 50 percent, and the per-employee amount in the credit limit would rise from $500 to $2,500. The bill also lets a company that provides retirement plan services claim the startup credit in place of the employer for the plan's first 3 years. To do so, the service provider must lower the employer's fees by at least the credit amount and get a written certification from the employer. The changes would apply to tax years beginning after December 31, 2026.

Full text and official record on Congress.gov

Sponsors

• Claudia Tenney Republican sponsor
• 4 cosponsors