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An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Internal Revenue Code of 1986

The main body of tax laws for the United States, which the Internal Revenue Service (IRS) enforces.

Tax-exempt eligible employer

A non-profit organization, typically recognized by the IRS under Section 501(c), that is exempt from paying federal income taxes and meets specific size requirements to qualify for these benefits.

Payroll tax

Taxes an employer withholds from an employee's gross pay and/or pays directly, typically used to fund Social Security and Medicare. This bill refers to the employer's share of Social Security tax.

Credit for Small Employer Pension Plan Startup Costs

A tax credit available to small businesses to help offset the administrative costs of setting up a new retirement plan.

Retirement Auto-Enrollment Credit

A tax credit available to small businesses that set up retirement plans which automatically enroll employees unless they opt out.

Section 501(c)

A section of the Internal Revenue Code that describes various types of non-profit organizations exempt from federal income tax, such as charities, religious groups, and educational organizations.

Federal Old-Age and Survivors Trust Fund / Federal Disability Insurance Trust Fund