3.0.0 2431 2023-01-13T04:48:50Z 2023-01-13T04:48:50Z Senate S S 2006-03-16 109 ssfi00 Finance Committee Senate Standing Referred to 2006-03-16T20:40:05Z 2006-09-14 Sponsor introductory remarks on measure. (CR S9638) IntroReferral B00100 9 Library of Congress 2006-03-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2006-03-16 Sponsor introductory remarks on measure. (CR S2323-2324) IntroReferral B00100 9 Library of Congress 2006-03-16 Introduced in Senate IntroReferral 10000 9 Library of Congress B000243 Sen. Baucus, Max [D-MT] MAX BAUCUS D MT SIEBEN N Labor and Employment Administrative procedure Agriculture and Food Annuities Budget deficits Commerce Congress Department of Labor Economics and Public Finance Employee rights Families Federal budget process Federal preemption Finance and Financial Sector Financial statements Food stamps Government Operations and Politics Government paperwork Government publicity Health Housing and Community Development Housing subsidies Income tax Individual retirement accounts Investments Law Legislation Medical savings accounts Payroll deductions Pension funds Pension portability Saving and investment Senate rules and procedure Small business Social Welfare State laws Tax credits Tax exclusion Tax penalties Tax refunds Tax-deferred compensation plans Taxation Welfare eligibility Withholding tax Labor and Employment 00 2006-03-16 Introduced in Senate 2006-04-29T13:51:12Z Savings Competitiveness Act of 2006 - Amends the Internal Revenue Code to: (1) require certain employers to provide a payroll retirement savings option to their employees who are not covered under a tax-qualified retirement plan; (2) allow such employers a tax credit for the costs of maintaining a payroll retirement savings plan; (3) establish tax-exempt secure retirement accounts; (4) allow certain individual taxpayers a refundable tax credit for retirement savings contributions; (5) establish Young Savers Accounts (Roth IRAs which are established and maintained on behalf of an individual who has not attained the age of 18); (6) provide for automatic contributions of employee compensation to deferred compensation plans; (7) allow certain small employers a business-related tax credit for pension plan contributions; (8) disregard retirement plan savings for purposes of determining eligibility for certain means-tested federal aid programs; (9) provide for direct deposit of tax refunds into individual retirement plans; and (10) revise rules and eliminate certain penalties for distributions and rollovers from certain retirement plans.

Prohibits consideration in the Senate of any direct spending or revenue legislation that would increase or cause an on-budget deficit during certain specified time periods.

]]> Savings Competitiveness Act of 2006 Display Title Savings Competitiveness Act of 2006 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to encourage all Americans to save for retirement by increasing their access to pension plans and other retirement savings vehicles, and for other purposes. Introduced in Senate IS Short Titles as Introduced Savings Competitiveness Act of 2006 Introduced in Senate 2006-03-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s2431is/xml/BILLS-109s2431is.xml 2006-09-14 Sponsor introductory remarks on measure. (CR S9638) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.