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H.R. 2021 · 111th Congress

Savings Recovery Act of 2009

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

Savings Recovery Act of 2009 - Amends title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to increase the monthly exempt amount for individuals who have employment income and who have not reached full retirement age between 2008 and 2010.

What it does: CRS summary · Introduced in House · Apr 22, 2009

Savings Recovery Act of 2009 - Amends title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to increase the monthly exempt amount for individuals who have employment income and who have not reached full retirement age between 2008 and 2010.

Amends the Internal Revenue Code to: (1) exclude from the gross income of noncorporate taxpayers in 2009 and 2010 dividend income and gain from the sale or exchange of capital assets; (2) increase the limit on the tax deduction for losses from the sale or exchange of capital assets; (3) allow a tax credit for contributions to a qualified tuition program; (4) eliminate the marriage penalty in income limitations for individual retirement account (IRA) contributions; (5) increase the dollar limitation on contributions, including catch-up contributions, to IRAs; and (6) extend through 2012 the suspension of of minimum withdrawal requirements from pension plans.

Amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide special rules in 2009 and 2010 for valuation of assets in defined benefit pension plans.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Savings Recovery Act of 2009

Latest action (May 21, 2009): Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

Policy area: Taxation · Origin: House · Introduced: Apr 22, 2009

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.