[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3437 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 3437

  To amend the Internal Revenue Code of 1986 to provide for inflation 
 adjustments to the income threshold amounts applicable in determining 
        the portion of Social Security benefits subject to tax.


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                    IN THE HOUSE OF REPRESENTATIVES

                           November 17, 1999

Mr. Nadler (for himself and Mrs. Lowey) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to provide for inflation 
 adjustments to the income threshold amounts applicable in determining 
        the portion of Social Security benefits subject to tax.

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

SECTION 1. INFLATION ADJUSTMENT TO INCOME THRESHOLD AMOUNTS APPLICABLE 
              IN DETERMINING THE PORTION OF SOCIAL SECURITY BENEFITS 
              SUBJECT TO TAX.

    (a) In General.--Subsection (c) of section 86 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(3) Inflation adjustment.--In the case of any taxable 
        year beginning in a calendar year after 1999, each dollar 
        amount contained in the preceding provisions of this subsection 
        shall be increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins, by substituting `calendar year 
                1998' for `calendar year 1992'.
        If any increase determined under the preceding sentence is not 
        a multiple of $50, such increase shall be rounded to the next 
        lowest multiple of $50.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 1999.
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