Savings Competitiveness Act of 2006
Latest action · Sep 14, 2006 Sponsor introductory remarks on measure. (CR S9638)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 16, 2006
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors
Members who signed on, in the order they did.
Actions 4
Everything that happened, newest first.
- Sep 14, 2006Sponsor introductory remarks on measure. (CR S9638)
- Mar 16, 2006Introduced in Senate
- Mar 16, 2006Read twice and referred to the Committee on Finance.
- Mar 16, 2006Sponsor introductory remarks on measure. (CR S2323-2324)
Subjects
Assigned by the Library of Congress. Policy area: 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
- Labor and Employment
- 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
Text 1
Each version as it was printed, newest first.
- Mar 16, 2006Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.