3.0.0 4608 2023-01-11T13:32:05Z 2023-01-11T13:32:05Z House HR 2016-02-24 114 [Congressional Record Volume 162, Number 29 (Wednesday, February 24, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. ISRAEL:H.R. 4608.Congress has the power to enact this legislation pursuantto the following:This bill is enacted pursuant to the powers granted to theCongress by Article I, Section 8, Clauses 1 of the UnitedStates Constitution.[Page H893]]]> hswm00 Ways and Means Committee House Standing Referred to 2016-02-24T15:01:10Z 2016-02-24 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-02-24 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-02-24 Introduced in House IntroReferral 1000 9 Library of Congress I000057 Rep. Israel, Steve [D-NY-3] STEVE ISRAEL D NY 3 N Taxation 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 Taxation 00 2016-02-24 Introduced in House 2016-03-29T19:04:01Z SAVE for Small Businesses Act or the Savings Accounts for a Variable Economy for Small Businesses Act

This bill amends the Internal Revenue Code to: (1) provide for tax-exempt small business savings accounts, and (2) allow tax deductible contributions to such accounts of not more than 10% of the gross profits of an eligible small business (a business employing an average of 50 or fewer full-time employees) for the preceding taxable year.

The bill excludes qualified distributions from such accounts from gross income for income tax purposes. A "qualified distribution" is: (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.

The Secretary of the Treasury shall: (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.

]]> Savings Accounts for a Variable Economy for Small Businesses Act Display Title Savings Accounts for a Variable Economy for Small Businesses Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to establish small business savings accounts. Introduced in House IH Short Titles as Introduced Savings Accounts for a Variable Economy for Small Businesses Act Short Titles as Introduced SAVE for Small Businesses Act Introduced in House 2016-02-24T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr4608ih/xml/BILLS-114hr4608ih.xml 2016-02-24 Referred to the House Committee on Ways and Means. 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.