H.R. 4608 · 114th 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 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
IsraelSponsorNo cosponsors.
SAVE for Small Businesses Act or the Savings Accounts for a Variable Economy for Small Businesses Act
What it does: CRS summary · Introduced in House · Feb 24, 2016
SAVE for Small Businesses Act or the Savings Accounts for a Variable Economy for Small Businesses Act
This bill amends the Internal Revenue Code to: (1) provide for tax-exempt small business savings accounts, and (2) allow tax deductible contributions to such accounts of not more than 10% of the gross profits of an eligible small business (a business employing an average of 50 or fewer full-time employees) for the preceding taxable year.
The bill excludes qualified distributions from such accounts from gross income for income tax purposes. A "qualified distribution" is: (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.
The Secretary of the Treasury shall: (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 (Feb 24, 2016): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Feb 24, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.