section shall apply to taxable years beginning after the date of the enactment of this Act. 6. Additional credit for individuals making retirement contributions (a) In general Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 25B the following new section: 25BB. Additional credit for certain individuals making retirement contributions (a) Allowance of credit In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal to 50 percent of so much of the qualified retirement contributions of the individual for the taxable year as do not exceed the base amount. (b) Eligible individual For purposes of this section, the term eligible individual means an individual whose employer does not provide a defined benefit plan (as defined in section 414(j)), defined contribution plan (as defined in section 414(i)), or participation in an UP Account under section 805 of the Employee Retirement Income Security Act of 1974, or who is not employed, at the time the qualified retirement contributions are made. (c) Qualified retirement contributions, Etc For purposes of this section— (1) In general The term qualified retirement contributions means, with respect to any taxable year, any amounts paid in cash by an individual to— (A) an individual retirement plan, or (B) an UP Account established under section 805 of the Employee Retirement Income Security Act of 1974, for the benefit of the individual. (2) Base amount The base amount for any taxable year is an amount equal to the amount in effect under section 802(a)(3)(i) of the Employee Retirement Income Security Act of 1974 for such year. (d) Special rules (1) Investment in the contract Rules similar to the rules of section 25B(f) shall apply for purposes of this section. (2) Coordination with saver's credit The credit under this section and the credit under section 25B shall each be determined without regard to the