[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 1440 Introduced in Senate (IS)]

  1st Session
                                S. 1440

 To amend the Social Security Act to increase the earnings limit, and 
                          for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 30, 1995

   Mr. Biden introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Social Security Act to increase the earnings limit, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. ADJUSTMENTS IN MONTHLY EXEMPT AMOUNT FOR PURPOSES OF THE 
              SOCIAL SECURITY EARNINGS TEST.

    (a) Increase in Monthly Exempt Amount for Individuals Who Have 
Attained Retirement Age.--Section 203(f)(8)(D) of the Social Security 
Act (42 U.S.C. 403(f)(8)(D)) is amended to read as follows:
            ``(D)(i) Notwithstanding any other provision of this 
        subsection, the exempt amount which is applicable to an 
        individual who has attained retirement age (as defined in 
        section 216(l)) before the close of the taxable year involved 
        shall be--
                    ``(I) $1,208.33\1/3\ for each month of any taxable 
                year ending after 1995 and before 1997,
                    ``(II) $1,416.66\2/3\ for each month of any taxable 
                year ending after 1996 and before 1998,
                    ``(III) $1,666.66\2/3\ for each month of any 
                taxable year ending after 1997 and before 1999,
                    ``(IV) $1,875.00 for each month of any taxable year 
                ending after 1998 and before 2000,
                    ``(V) $2,083.33\1/3\ for each month of any taxable 
                year ending after 1999 and before 2001,
                    ``(VI) $2,291.66\2/3\ for each month of any taxable 
                year ending after 2000 and before 2002, and
                    ``(VII) $2,500.00 for each month of any taxable 
                year ending after 2001 and before 2003.''.
    (b) Increased Amounts Subject to Present Law Cost-of-Living 
Adjustment After 2002.--Section 203(f)(8)(D) of such Act (42 U.S.C. 
403(f)(8)(D)), as amended by subsection (a), is amended by adding at 
the end the following new clause:
            ``(ii) For purposes of this paragraph, the increase in the 
        exempt amount provided under clause (i)(VII) shall be deemed to 
        have resulted from a determination which shall be deemed to 
        have been made under subparagraph (A) in 2001.''.
  (c) Effective Date.--The amendments made by this section shall apply 
with respect to taxable years ending after 1995.
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