S 2251 114th Congress Senate 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 Poverty and welfare assistance 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 5, 2015 Introduced by: Warren, Elizabeth Democratic · Massachusetts See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Nov 5, 2015

Read twice and referred to the Committee on Finance.

Nov 5, 2015

Introduced in Senate

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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:

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.

What's happening now November 5, 2015

Read twice and referred to the Committee on Finance.

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