Home > 106th Congressional Bills > H.R. 4865 (rh) To amend the Internal Revenue Code of 1986 to repeal the 1993 income tax increase on Social Security benefits. [Reported in House] ...
H.R. 4865 (rh) To amend the Internal Revenue Code of 1986 to repeal the 1993 income tax increase on Social Security benefits. [Reported in House] ...
106th CONGRESS
2d Session
H. R. 4865
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 27, 2000
Received; read twice and referred to the Committee on Finance
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to repeal the 1993 income
tax increase on Social Security benefits.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Social Security Benefits Tax Relief
Act of 2000''.
SEC. 2. REPEAL OF 1993 INCOME TAX INCREASE ON SOCIAL SECURITY BENEFITS.
(a) Restoration of Prior Law Formula.--Subsection (a) of section 86
of the Internal Revenue Code of 1986 is amended to read as follows:
``(a) In General.--Gross income for the taxable year of any
taxpayer described in subsection (b) (notwithstanding section 207 of
the Social Security Act) includes Social Security benefits in an amount
equal to the lesser of--
``(1) one-half of the Social Security benefits received
during the taxable year, or
``(2) one-half of the excess described in subsection
(b)(1).''
(b) Repeal of Adjusted Base Amount.--Subsection (c) of section 86
of such Code is amended to read as follows:
``(c) Base Amount.--For purposes of this section, the term `base
amount' means--
``(1) except as otherwise provided in this subsection,
$25,000,
``(2) $32,000 in the case of a joint return, and
``(3) zero in the case of a taxpayer who--
``(A) is married as of the close of the taxable
year (within the meaning of section 7703) but does not
file a joint return for such year, and
``(B) does not live apart from his spouse at all
times during the taxable year.''
(c) Conforming Amendments.--
(1) Subparagraph (A) of section 871(a)(3) of such Code is
amended by striking ``85 percent'' and inserting ``50
percent''.
(2)(A) Subparagraph (A) of section 121(e)(1) of the Social
Security Amendments of 1983 (Public Law 98-21) is amended--
(i) by striking ``(A) There'' and inserting
``There'';
(ii) by striking ``(i)'' immediately following
``amounts equivalent to''; and
(iii) by striking ``, less (ii)'' and all that
follows and inserting a period.
(B) Paragraph (1) of section 121(e) of such Act is amended
by striking subparagraph (B).
(C) Paragraph (3) of section 121(e) of such Act is amended
by striking subparagraph (B) and by redesignating subparagraph
(C) as subparagraph (B).
(D) Paragraph (2) of section 121(e) of such Act is amended
in the first sentence by striking ``paragraph (1)(A)'' and
inserting ``paragraph (1)''.
(d) Effective Date.--
(1) In general.--Except as otherwise provided in this
subsection, the amendments made by this section shall apply to
taxable years beginning after December 31, 2000.
(2) Subsection (c)(1).--The amendment made by subsection
(c)(1) shall apply to benefits paid after December 31, 2000.
(3) Subsection (c)(2).--The amendments made by subsection
(c)(2) shall apply to tax liabilities for taxable years
beginning after December 31, 2000.
SEC. 3. MAINTENANCE OF TRANSFERS TO HOSPITAL INSURANCE TRUST FUND.
(a) In General.--There are hereby appropriated to the Hospital
Insurance Trust Fund established under section 1817 of the Social
Security Act amounts equal to the reduction in revenues to the Treasury
by reason of the enactment of this Act. Amounts appropriated by the
preceding sentence shall be transferred from the general fund at such
times and in such manner as to replicate to the extent possible the
transfers which would have occurred to such Trust Fund had this Act not
been enacted.
(b) Reports.--The Secretary of the Treasury or the Secretary's
delegate shall annually report to the Committee on Ways and Means of
the House of Representatives and the Committee on Finance of the Senate
the amounts and timing of the transfers under this section.
Passed the House of Representatives July 27, 2000.
Attest:
JEFF TRANDAHL,
Clerk.
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