S. 2431 · 109th Congress
Savings Competitiveness Act of 2006
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BaucusSponsorNo cosponsors.
Savings Competitiveness Act of 2006 - Amends the Internal Revenue Code to: (1) require certain employers to provide a payroll retirement savings option to their employees who are not covered under a tax-qualified retirement plan; (2) allow such employers a tax credit for the costs of maintaining a payroll retirement savings plan; (3) establish tax-exempt…
What it does: CRS summary · Introduced in Senate · Mar 16, 2006
Savings Competitiveness Act of 2006 - Amends the Internal Revenue Code to: (1) require certain employers to provide a payroll retirement savings option to their employees who are not covered under a tax-qualified retirement plan; (2) allow such employers a tax credit for the costs of maintaining a payroll retirement savings plan; (3) establish tax-exempt secure retirement accounts; (4) allow certain individual taxpayers a refundable tax credit for retirement savings contributions; (5) establish Young Savers Accounts (Roth IRAs which are established and maintained on behalf of an individual who has not attained the age of 18); (6) provide for automatic contributions of employee compensation to deferred compensation plans; (7) allow certain small employers a business-related tax credit for pension plan contributions; (8) disregard retirement plan savings for purposes of determining eligibility for certain means-tested federal aid programs; (9) provide for direct deposit of tax refunds into individual retirement plans; and (10) revise rules and eliminate certain penalties for distributions and rollovers from certain retirement plans.
Prohibits consideration in the Senate of any direct spending or revenue legislation that would increase or cause an on-budget deficit during certain specified time periods.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Savings Competitiveness Act of 2006
Latest action (Sep 14, 2006): Sponsor introductory remarks on measure. (CR S9638)
Policy area: Labor and Employment · Origin: Senate · Introduced: Mar 16, 2006
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.