SAVE Act of 2008
Latest action · Mar 11, 2008 Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
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.
- IntroducedJan 29, 2008
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Small Businesses Add Value for Employees Act of 2008 or the SAVE Act of 2008 - Amends Internal Revenue Code provisions relating to employer-established simple individual retirement accounts (IRAs) to: (1) repeal certain restrictions on rollovers from simple IRAs: (2) allow employers to elect to terminate qualified salary reduction arrangements at any time during the year; (3) repeal the enhanced 25% penalty on premature withdrawal made from simple IRAs within the first two plan years; (4) allow additional nonelective employer contributions to simple IRAs; (5) establish automatic deferral IRAs; and (6) increase the tax credit for small employer pension plan startup costs.
Cosponsors 6
Members who signed on, in the order they did. Signatures ran from Jan 29, 2008 to Jul 9, 2008, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-MO | Kenny C. Hulshof | Original | Jan 29, 2008 |
| R-PA | Phil English | Feb 7, 2008 | |
| D-ME | Thomas H. Allen | Feb 26, 2008 | |
| R-IN | Dan Burton | Apr 8, 2008 | |
| D-WA | Jim McDermott | Jun 26, 2008 | |
| D-AL | Artur Davis | Jul 9, 2008 |
Actions 3
Everything that happened, newest first.
- Mar 11, 2008Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
- Jan 29, 2008Introduced in House
- Jan 29, 2008Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jan 29, 2008Introduced in House
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.