Sec. 2. Saver’s credit expanded
228 words·~1 min read·
/bill/114/hr/3264/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 25B(b)(1) of the Internal Revenue Code of 1986 is amended— 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 . 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 . Section 25B(a) of such Code is amended— by striking In the case of and inserting the following: In the case of , and by adding at the end the following: 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— such dollar amount, multiplied by 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. Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $50. . The amendments made by this section shall apply to taxable years beginning after December 31, 2014.