Sec. 202. SAVE UP Account credit
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Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: For purposes of section 38, in the case of an eligible small employer that elects the application of this section, the SAVE UP Account credit determined under this section for any taxable year is an amount equal to the lesser of— the amount of nonelective employer contributions made by the employer for the taxable year with respect to employees under section 102(b)(3) of the Secure, Accessible, Valuable, Efficient Universal Pension Accounts Act , or $10,400.
For purposes of this section, the term eligible small employer means any person the gross receipts of which for the preceding taxable year did not exceed $5,000,000. A taxpayer may elect the application of the section with respect to not more than 5 taxable years. All members of the same controlled group of corporations (within the meaning of section 52(a)) and all persons under common control (within the meaning of section 52(b)) shall be treated as 1 person for purposes of this section.
No deduction shall be allowed for that portion of the nonelective employer contributions made for the taxable year which is equal to the credit determined under subsection (a). . Section 38(b) of such Code is amended by striking plus at the end of paragraph (35), by striking the period at the end of paragraph
(36)and inserting , plus , and by adding at the end the following new paragraph: the SAVE UP Account credit determined under section 45S(a). . The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following new section: Sec. 45S. SAVE UP Account credit. . The amendments made by this section shall apply to taxable years beginning after December 31, 2015.