U.S. Senators Ted Budd and Maggie Hassan have introduced the bipartisan Retirement Investment in Small Employers (RISE) Act. This legislation aims to provide tax cuts for small businesses with fewer than ten employees that offer retirement plans. The current tax credit system often excludes the smallest businesses, as it is dependent on employee numbers. The RISE Act seeks to address this by guaranteeing a minimum tax credit of $2,500 for these small enterprises to assist with establishing retirement plans.
Senator Budd emphasized the importance of small businesses in the economy, stating, “America’s small businesses are the foundation of our economy and at the forefront of job growth.” He expressed pride in leading this bipartisan effort with Senator Hassan to make retirement plans accessible for more Americans.
Senator Hassan highlighted the significance of small businesses in New Hampshire’s economy and their need to compete with larger companies. She noted that “this bipartisan legislation will provide small businesses with the tax relief that they need” and urged her colleagues from both parties to support this initiative.
The full text of the bill is available for review.
Senator Budd had previously introduced similar legislation during the 118th Congress.
