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WASHINGTON – As Congress considers extending the Saver’s tax credit, CUNA’s CFO Council wants to know how many members actually receive it for their individual retirement accounts. Congress is considering extending the Saver’s tax credit program past its scheduled expiration in January 2006. The Saver’s tax credit provides a government partial matching contribution for voluntary individual contributions to 401(k) plans, IRAs, etc. It is currently a temporary tax credit of up to 50% and based on gross before tax contributions. The credit applies to contributions of up to $2,000 per year per person and is in addition to the tax deductibility of the IRA deposit. Taxpayers filing joint returns with AGIs of $50,000 or less, head of household returns of $37,500 or less, and single returns of $25,000 or less are eligible for at least part of the credit. CUNA’s CFO Council wants to get an idea of how many members use the Saver’s credit in light of the pending extension. CUNA President Dan Mica recently urged Congress to include the credit in new pension and retirement reform legislation. Former Reps. Rob Portman (R-Ohio) and Ben Cardin (D-Md.) are preparing their latest version of legislation aimed at building on reforms for retirement savings. Legislation sponsored by the pair and enacted in 2001 (the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) P.L. 107-16) made many significant changes to the rules for retirement savings. On March 17, President Bush named Portman as U.S. Trade Representative succeeding outgoing Robert Zoellick.

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