PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Ways and Means.
Congressional Research Service
Version 00 · Introduced in House · Feb 24, 2016
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.
People & committees
Rep. Israel, Steve [D-NY-3] · D–NY
Legislative record
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Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.
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