This week Congresswoman Claudia Tenney (NY-24) and Congressman Dan Kildee (MI-8) unveiled H.R. 6007, also known as the Retirement Investment in Small Employers Act (RISE Act).
This legislation is aimed at bolstering micro-businesses, particularly those with fewer than 10 employees, enabling them to offer comprehensive retirement plans for their workers. This move follows the SECURE 2.0 Act of 2022 which increased tax credits for businesses with under 50 employees to instigate the adoption of new retirement plans.
However, the smallest micro-businesses weren’t able to fully benefit from these credits due to existing formulas. The RISE Act seeks to address this disparity.
Congresswoman Tenney emphasized the necessity of supporting micro-businesses, stating, “Congress must empower and reaffirm our commitment to small businesses…granting them a competitive edge.” She reiterated her dedication to championing tax policies favorable to small businesses and their employees. Congressman Kildee echoed Tenney’s sentiments, underscoring the integral role of small businesses in Michigan’s economy and the mutual benefits this bipartisan bill offers to both employers and workers.
Endorsing the bill, Michael Majors, Vice President of HR Solutions at Paychex, commented, “All businesses, regardless of size, deserve the same opportunity and access to tax credits.” He lauded the legislation’s focus on micro-businesses, ensuring they can assist their employees in saving for retirement.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].
Read the full article here
Leave a Reply