D of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 408A the following new item: Sec. 408B. Qualifying automatic IRA arrangements. . (2) The table of sections for chapter 43 of such Act is amended by adding at the end the following new item: Sec. 4980J. Requirements for covered employers to provide qualifying automatic IRA arrangements. . (j) Preemption of conflicting State laws The amendments made by this section shall supersede any law of a State that would directly or indirectly prohibit or restrict the establishment or operation of a qualifying automatic IRA arrangement meeting the requirements of section 408B of the Internal Revenue Code of 1986. Nothing in such amendments shall be construed to impair or supersede any State law to the extent it provides a remedy for the failure to make payroll deposit payments under any such automatic IRA arrangement within the period required under such section 408B. (k) Effective date The amendments made by this section shall apply to calendar years beginning after December 31, 2018. (l) Regulations Not later than 12 months after the date of the enactment of this Act, the Secretary of the Treasury, in coordination with the Secretary of Labor, shall issue guidance defining the class of guaranteed lifetime income or equivalent arrangements which meet the requirements of section 408B(d)(5)(E) of the Internal Revenue Code of 1986, as added by this section. 3. Credit for small employers maintaining qualifying automatic IRA arrangements (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45S. Small employer automatic IRA arrangement (a) General rule For purposes of section 38, in the case of an eligible employer maintaining a qualifying automatic IRA arrangement meeting the requirements of section 408B (without regard to whether the employer is a covered employer), the small employer automatic IRA arrangement