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**House Lawmakers Introduce Bipartisan Bill to Boost Retirement Plans for Micro-Businesses**

House lawmakers have recently unveiled a bipartisan bill aimed at encouraging micro-businesses, which consist of fewer than 10 employees, to establish retirement plans. The Retirement Investment in Small Employers Act, commonly referred to as the RISE Act, expands on a provision in SECURE 2.0, a comprehensive retirement security package passed by Congress in December. This provision offers tax credits to small businesses that adopt a retirement plan.

Under the SECURE 2.0 legislation, small businesses with fewer than 50 employees can have their administrative and startup costs for new retirement plans covered up to 100%, with a cap of $5,000 per year. While this is a significant benefit for such businesses, the original law failed to address the formula used to determine the amount of tax credits employers can claim for retirement plan startup costs. Consequently, the smallest micro-businesses and their employees are unable to fully leverage this credit, as per a news release from Rep. Claudia Tenney, a Republican from New York.

To rectify this issue, the RISE Act was introduced by Rep. Tenney in collaboration with Rep. Dan Kildee, a Democrat from Michigan. By plugging the loophole in the original legislation, the RISE Act aims to ensure that micro-businesses can maximize the benefits of the retirement plan startup tax credits. The bill essentially strives to grant micro-businesses a competitive edge in the economy, which is crucial for their sustainability and growth.

In this scenario, AI legalese decoder can play a significant role in assisting businesses with navigating the complexity of retirement plan regulations. This advanced AI technology can provide comprehensive analysis, decoding complex legal jargon and simplifying it into easily understandable terms for micro-business owners. By utilizing the AI legalese decoder, micro-businesses can better comprehend the intricacies of the RISE Act and effectively implement retirement plans that align with the new legislation. Moreover, the AI technology can assist in calculating tax credits accurately, ensuring that micro-businesses receive the maximum benefits they are entitled to.

In summary, the RISE Act demonstrates a bipartisan effort to address the shortcomings of SECURE 2.0 and provide micro-businesses with the necessary tools to establish retirement plans. With the assistance of AI legalese decoder, micro-business owners can stay compliant with the new legislation and make informed decisions regarding retirement plan adoption, ultimately securing the financial futures of their employees and strengthening their positions in the economy.

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