Small Nonprofit Retirement Security Act of 2024

This bill creates tax credits to help small tax-exempt nonprofits (like charities and community groups) afford retirement plans for their employees. It provides a credit covering startup costs for new retirement plans (Section 45E) and a separate credit for automatically enrolling employees in plans (Section 45T). The credits are limited to the employer's payroll tax paid during the year, making it easier for these small organizations to offer retirement benefits. The changes apply to taxable years starting after December 2024, directly benefiting small nonprofits with 501(c) status.