S. 4398 aims to change the Internal Revenue Code of 1986 to offer tax credits to small businesses, or "microemployers," that start pension plans for their employees. The bill would increase the credit from 50% to 100% for qualifying microemployers and raise the maximum credit from $500 to...
Simple Explanation
The bill S. 4398 is about giving very small businesses with 10 or fewer employees a bigger money-saving benefit when they start a pension plan for their workers, changing the old rule so they can get back more money—up to $2,500 instead of $500—from the government for doing this.