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HR 4012 114th Congress House Social Welfare Appropriations Department of Veterans Affairs Department of the Treasury Disability assistance Employee benefits and pensions Executive agency funding and structure Government employee pay, benefits, personnel management Government trust funds Income tax credits Income tax deductions Railroad Retirement Board Railroads Social Security Administration Social security and elderly assistance State and local government operations Transportation employees Veterans' pensions and compensation Wages and earnings

SAVE Benefits Act

Introduced: November 16, 2015 See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 3, 2015
Referred to the Subcommittee on Disability Assistance and Memorial Affairs.
Nov 17, 2015
Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
Nov 16, 2015
Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, and Veterans' Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Nov 16, 2015
Referred to the Subcommittee on Social Security.
Nov 16, 2015
Introduced in House
 Plain-English summary Congressional Research Service

Seniors And Veterans Emergency Benefits Act or the SAVE Benefits Act

This bill directs the Department of the Treasury to disburse a payment equal to 3.9% of the average amount of annual benefits to certain individuals (except prisoners, fugitive felons, or aliens) who are entitled to a specified benefit under title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA), an annuity under the Railroad Retirement Act of 1974, a veterans benefit, or are eligible for a cash benefit under SSA title XVI (Supplemental Security Income), including a special benefit for individuals who perform substantial gainful activity despite severe medical impairment.

A refundable income tax credit is allowed for the first taxable year beginning in 2015 in an amount equal to $581 for certain eligible government retirees who do not receive such a payment.

The Internal Revenue Code is amended, with respect to the $1 million limitation on the deductibility of employee compensation, to:

  • subject to that limitation any compensation payable on a commission basis or upon the attainment of a performance goal;
  • extend the limitation to any individual who is a current or former officer, director, or employee of a publicly-held corporation; and
  • apply the limitation to all publicly-held corporations required by the Securities and Exchange Commission to register securities and provide periodic reports to their investors.
What's happening now December 3, 2015

Referred to the Subcommittee on Disability Assistance and Memorial Affairs.

 Committees of jurisdiction 6
 Cosponsors 2
All 2 Democratic 2