Washington, D.C. — U.S. Senators Ted Budd (R-N.C.) and Maggie Hassan (D-N.H.) introduced the bipartisan Retirement Investment in Small Employers (RISE) Act which would cut taxes for small businesses with fewer than ten employees that offer retirement plans. The current tax credit that helps small businesses start retirement accounts often leaves the smallest businesses behind because the credit depends on how many employees they have. The RISE Act would correct this by ensuring that small businesses with fewer than ten employees receive a minimum tax credit of $2,500 to help cover the expenses of establishing retirement plans.
“America’s small businesses are the foundation of our economy and at the forefront of job growth. By equipping Main Street with the means to offer retirement plans, we are not only helping to create a pathway to financial security for millions of workers, but also laying the foundation for long-term economic growth. I am proud to lead this bipartisan legislation alongside Senator Hassan as we work to ensure retirement plans are within reach for hardworking Americans,” said Senator Budd.
“Small businesses are the backbone of the Granite State economy, and they need to be able to compete with larger ones. Especially as small businesses continue to face rising costs, this bipartisan legislation will provide small businesses with the tax relief that they need to be able to offer good retirement plans to their employees, helping both business owners and workers build financial security for the future. I urge my colleagues on both sides of the aisle to join us in advancing this commonsense, bipartisan legislation that strengthens our economy and helps hardworking Americans prepare for retirement,” said Senator Hassan.
Read the full bill text HERE.
Background
Senator Budd previously introduced this legislation during the 118th Congress.
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