To help rebuild retirement, college, and personal savings.
Savings Recovery Act of 2009 - Amends title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to increase the monthly exempt amount for individuals who have employment income and who have not reached full retirement age between 2008 and 2010.
Amends the Internal Revenue Code to: (1) exclude from the gross income of noncorporate taxpayers in 2009 and 2010 dividend income and gain from the sale or exchange of capital assets; (2) increase the limit on the tax deduction for losses from the sale or exchange of capital assets; (3) allow a tax credit for contributions to a qualified tuition program; (4) eliminate the marriage penalty in income limitations for individual retirement account (IRA) contributions; (5) increase the dollar limitation on contributions, including catch-up contributions, to IRAs; and (6) extend through 2012 the suspension of of minimum withdrawal requirements from pension plans.
Amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide special rules in 2009 and 2010 for valuation of assets in defined benefit pension plans.
Introduced in House
Introduced in House
Referred to House Ways and Means
Referred 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.
Referred to House Education and Labor
Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
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