Seniors And Veterans Emergency (SAVE) Benefits Act

Seniors And Veterans Emergency (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:

• eliminate the exemption from that limitation for 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.