US Congress House Bill 4608 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 24 2016 - 25% progression, died in committee
Action: 2016-02-24 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

SAVE for Small Businesses Act 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.

SAVE for Small Businesses Act Savings Accounts for a Variable Economy for Small Businesses Act

Rep. Steve Israel [D-NY]

Date	Chamber	Action
2016-02-24	House	Referred to the House Committee on Ways and Means.
2016-02-24	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/4608/all-info
Text	https://www.congress.gov/114/bills/hr4608/BILLS-114hr4608ih.pdf