Official Summary

4/22/2009--Introduced.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

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Official Summary

4/22/2009--Introduced.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.

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