S 2251 · 114th Congress 2015–2017, ended

SAVE Benefits Act

Introduced Nov 5, 2015 Originated Senate Sponsor Elizabeth Warren D-MA

Fact sheet Spreadsheet

Latest action · Nov 5, 2015 Read twice and referred to the Committee on Finance.

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.

  1. IntroducedNov 5, 2015
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

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.

Cosponsors 22

Members who signed on, in the order they did. Signatures ran from Nov 5, 2015 to Apr 11, 2016; 18 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
D-MNAl FrankenOriginalNov 5, 2015
D-MDBarbara A. MikulskiOriginalNov 5, 2015
I-VTBernard SandersOriginalNov 5, 2015
D-FLBill NelsonOriginalNov 5, 2015
D-NYCharles E. SchumerOriginalNov 5, 2015
D-CTChristopher MurphyOriginalNov 5, 2015
D-MIDebbie StabenowOriginalNov 5, 2015
D-MAEdward J. MarkeyOriginalNov 5, 2015
D-ORJeff MerkleyOriginalNov 5, 2015
D-NYKirsten E. GillibrandOriginalNov 5, 2015
D-WAMaria CantwellOriginalNov 5, 2015
D-HIMazie K. HironoOriginalNov 5, 2015
D-WAPatty MurrayOriginalNov 5, 2015
D-CTRichard BlumenthalOriginalNov 5, 2015
D-PARobert P. Casey Jr.OriginalNov 5, 2015
D-RISheldon WhitehouseOriginalNov 5, 2015
D-OHSherrod BrownOriginalNov 5, 2015
D-WITammy BaldwinOriginalNov 5, 2015
D-VTPatrick J. LeahyNov 9, 2015
D-NJCory A. BookerNov 16, 2015
D-MIGary C. PetersDec 18, 2015
D-ILRichard J. DurbinApr 11, 2016

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
SenateFinance Committee
Referred Nov 5, 2015

Actions 2

Everything that happened, newest first.

  1. Nov 5, 2015Introduced in Senate
  2. Nov 5, 2015Read twice and referred to the Committee on Finance.

In the Congressional Record 2

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

WhereIn the RecordMembersDate
SenateDebate and remarks S8218–S8223Al Franken D-MN, Bill Nelson D-FL, Charles E. Schumer D-NY, Edward J. Markey D-MA, Elizabeth Warren D-MA, Mazie K. Hirono D-HI, Patrick J. Leahy D-VT, Sheldon Whitehouse D-RIDec 1, 2015
SenateDebate and remarks S7782–S7785Christopher Murphy D-CT, Edward J. Markey D-MA, Elizabeth Warren D-MA, Mazie K. Hirono D-HI, Richard Blumenthal D-CTNov 5, 2015

Related bills 5

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 1127Stop Subsidizing Multimillion Dollar Corporate Bonuses ActRelated billApr 29, 2015
HR 4012SAVE Benefits ActIdentical billDec 3, 2015
HR 4140SENIORS Act of 2015Related billDec 4, 2015
HR 4144Seniors And Veterans Emergency (SAVE) Benefits ActRelated billDec 3, 2015
HR 6230Social Security Safety Dividend Act of 2016Related billOct 19, 2016

Titles 3

Every title it has carried, official and short, at each stage.

Official Title as Introduced
A bill to provide for a supplementary payment to Social Security beneficiaries, supplemental security income beneficiaries, and recipients of veterans benefits, and for other purposes.
Short Titles as Introduced
SAVE Benefits Act
Seniors And Veterans Emergency Benefits Act

Subjects

Assigned by the Library of Congress. Policy area: Social Welfare.

Text 1

Each version as it was printed, newest first.

  1. Nov 5, 2015Introduced in Senate

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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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.