S.2251 - SAVE Benefits Act114th Congress (2015-2016)
|Sponsor:||Sen. Warren, Elizabeth [D-MA] (Introduced 11/05/2015)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 11/05/2015 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.2251 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (11/05/2015)
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.