H.R. 5427 · 113th Congress
Savings Accounts for a Variable Economy for Small Businesses Act
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
IsraelSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
SAVE for Small Businesses Act or the Savings Accounts for a Variable Economy for Small Businesses Act - Amends the Internal Revenue Code to provide for tax-exempt small business savings accounts.
What it does: CRS summary · Introduced in House · Sep 9, 2014
SAVE for Small Businesses Act or the Savings Accounts for a Variable Economy for Small Businesses Act - Amends the Internal Revenue Code to provide for tax-exempt small business savings accounts. Allows tax deductible contributions to such accounts of not more than 10% of the gross profits of an eligible small business (persons employing an average of 50 or fewer full-time employees) for the preceding taxable year.
Excludes qualified distributions from such accounts from gross income for income tax purposes. Defines "qualified distribution" as: (1) any amount that is distributed from a small business savings account during a specified period of economic hardship, and (2) the distribution of which is certified as being part of a plan that provides for the reinvestment of such distribution for the funding of worker hiring or financial stabilization for the purposes of job retention or creation.
Directs the Secretary of the Treasury to: (1) establish minimum standards for small business savings accounts that seek to minimize fees and risk of loss of principal, and (2) ensure a range of investment risk options available to account beneficiaries.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Savings Accounts for a Variable Economy for Small Businesses Act
Also known as: SAVE for Small Businesses Act
Latest action (Sep 9, 2014): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Sep 9, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.