Section 1 Short title
This Act may be cited as the “Helping Americans Save Act of 2015”.
Helping Americans Save Act of 2015
A BILL
To amend the Internal Revenue Code of 1986 to expand the Saver’s credit, and for other purposes.
Sec. 2 Saver’s credit expanded
Increase in income limits—
in subparagraph (A) by striking “$30,000” and inserting “$50,000”,
in subparagraph (B) by striking “$30,000 but not over $32,500” and inserting “$50,000 but not over $60,000”,
in subparagraph (C) by striking “$32,500 but not over $50,000” and inserting “$60,000 but not over $70,000”, and
in subparagraph (D) by striking “$50,000” and inserting “$70,000”.
Conforming amendment to inflation adjustment— Section 25B(b)(3) of such Code is amended—
by striking “2006” in the matter preceding subparagraph (A) and inserting “2015”, and
by striking “2005” in subparagraph (B) thereof and inserting “2014”.
Adjustment of credit amount for inflation— Section 25B(a) of such Code is amended—
by striking “In the case of” and inserting the following:
“(1) In general—In the case of”
by adding at the end the following:
“(2) Inflation adjustment—In the case of any taxable year beginning in a calendar year after 2015, the $2,000 amount contained in paragraph (1) shall be increased by an amount equal to—
“(A) such dollar amount, multiplied by
“(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting “calendar year 2014” for “calendar year 1992” in subparagraph (B) thereof.”
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2014.
Sec. 3 Retirement contributions and savings disregarded for certain means-tested programs
TANF program— Section 408(a) of the Social Security Act (42 U.S.C. 608(a)) is amended by adding at the end the following:
“(13) Disregard of certain retirement accounts and contributions—In determining the eligibility of an individual for assistance, or the amount of assistance payable to an individual, under a State program funded under this part, the State shall disregard any amount contributed by the individual to, and the value of—
“(A) any funds in a plan, contract, or account, described in sections 401(a), 403(a), 403(b), 408, 408A, 457(b), and 501(c)(18) of the Internal Revenue Code of 1986 and any funds in a Federal Thrift Savings Plan account as provided in section 8439 of title 5, United States Code;
“(B) any retirement program or account included in any successor or similar provision that may be enacted and determined to be exempt from tax under the Internal Revenue Code of 1986; and
“(C) any other retirement plans, contracts, or accounts (as determined by the Secretary of Health and Human Services).”
SSI program—
by striking “; and” at the end of paragraph (25);
by striking the period at the end of paragraph (26) and inserting “; and”; and
by adding at the end the following:
“(27) any amount received by the individual, to the extent that the amount is contributed by the individual to a program, plan, contract, or account referred to in section 1613(a).”
by striking “; and” at the end of paragraph (16);
by striking the period at the end of paragraph (17) and inserting “; and”; and
by adding at the end the following:
“(18)
“(A) any funds in a plan, contract, or account, described in sections 401(a), 403(a), 403(b), 408, 408A, 457(b), and 501(c)(18) of the Internal Revenue Code of 1986 and any funds in a Federal Thrift Savings Plan account as provided in section 8439 of title 5, United States Code;
“(B) any retirement program or account included in any successor or similar provision that may be enacted and determined to be exempt from tax under the Internal Revenue Code of 1986; and
“(C) any other retirement plans, contracts, or accounts (as determined by the Commissioner of Social Security).”
LIHEAP— There shall not be included in any determination under section 2605(b)(2)(B) of the Low-Income Home Energy Assistance Act of 1981 (42 U.S.C. 8624(b)(2)(B)) of household eligibility for Low-Income Home Energy Assistance Program funds, any amount contributed to, and the value of—
any funds in a plan, contract, or account, described in sections 401(a), 403(a), 403(b), 408, 408A, 457(b), and 501(c)(18) of the Internal Revenue Code of 1986 and any funds in a Federal Thrift Savings Plan account as provided in section 8439 of title 5, United States Code;
any retirement program or account included in any successor or similar provision that may be enacted and determined to be exempt from tax under the Internal Revenue Code of 1986; and
any other retirement plans, contracts, or accounts (as determined by the Secretary of Health and Human Services).