Wyden Floats Virus Relief Tax Credit For Retirement Savings

People who contribute to their retirement accounts could get an annual coronavirus relief tax credit of up to $5,000 starting in 2022 under a bill introduced Wednesday in the U.S. Senate.

The Encouraging Americans to Save Act, which was introduced by Sen. Ron Wyden, D-Ore., would provide a bonus retirement savings tax credit of up to $5,000 for people who make qualified contributions to their plans from 2022 through 2027. The credit would be given on top of the saver's credit, which is issued to people who make contributions to employer-sponsored plans and would be made refundable by the bill.

--Editing by Joyce Laskowski. 

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