Automatic IRA Act of 2024

[Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [H.R. 7293 Introduced in House (IH)] <DOC> 118th CONGRESS 2d Session H. R. 7293 To amend the Internal Revenue Code of 1986 to provide rules for automatic contribution retirement plans and arrangements. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 7, 2024 Mr. Neal introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to provide rules for automatic contribution retirement plans and arrangements. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; TABLE OF CONTENTS, ETC. (a) Short Title.--This Act may be cited as the ``Automatic IRA Act of 2024''. (b) Table of Contents.--The table of contents for this Act is as follows: Sec. 1. Short title; table of contents, etc. Sec. 2. Automatic contribution plan or arrangement. Sec. 3. Credit for certain small employer automatic IRA arrangements. Sec. 4. Treatment of automatic IRA arrangements under State law. (c) Amendment of 1986 Code.--Except as otherwise expressly provided, whenever in this subtitle an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. SEC. 2. AUTOMATIC CONTRIBUTION PLAN OR ARRANGEMENT. (a) Automatic Contribution Plan or Arrangement.-- (1) In general.--Section 414 is amended by adding at the end the following: ``(dd) Automatic Contribution Plan or Arrangement.--For purposes of this title-- ``(1) In general.--The term `automatic contribution plan or arrangement' means-- ``(A) a defined contribution plan that-- ``(i) is described in clause (i), (ii), or (iv) of secti