US HB5427 | 2013-2014 | 113th Congress
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on September 9 2014 - 25% progression, died in committee
Action: 2014-09-09 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on September 9 2014 - 25% progression, died in committee
Action: 2014-09-09 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
SAVE for Small Businesses Act
Sponsors
Rep. Steve Israel [D-NY] | Rep. Timothy Bishop [D-NY] |
History
Date | Chamber | Action |
---|---|---|
2014-09-09 | House | Referred to the House Committee on Ways and Means. |
Subjects
Bank accounts, deposits, capital
Business investment and capital
Disaster relief and insurance
Employee hiring
Financial crises and stabilization
Income tax deductions
Income tax exclusion
Small business
Business investment and capital
Disaster relief and insurance
Employee hiring
Financial crises and stabilization
Income tax deductions
Income tax exclusion
Small business
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/113th-congress/house-bill/5427/all-info |
Text | https://www.congress.gov/113/bills/hr5427/BILLS-113hr5427ih.pdf |