[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 2131 Introduced in Senate (IS)]

  2d Session
                                S. 2131

To amend the Internal Revenue Code of 1986 to adjust the dollar amounts 
   used to calculate the credit for the elderly and the permanently 
                   disabled for inflation since 1985.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 15, 2002

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

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to adjust the dollar amounts 
   used to calculate the credit for the elderly and the permanently 
                   disabled for inflation since 1985.

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

SECTION 1. INFLATION ADJUSTMENT FOR ELDERLY AND DISABLED CREDIT DOLLAR 
              AMOUNTS.

    (a) In General.--Section 22 of the Internal Revenue Code of 1986 
(relating to credit for the elderly and the permanently disabled) is 
amended by adding at the end the following new subsection:
    ``(g) Inflation Adjustment.--
            ``(1) In general.--In the case of any taxable year 
        beginning after 2002, each of the dollar amounts contained in 
        subsections (c) and (d) shall be increased by an amount equal 
        to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for such 
                        calendar year, by substituting `1983' for 
                        `1992' in subparagraph (B) thereof.
                    ``(B) Rounding.--If any increase determined under 
                subparagraph (A) is not a multiple of $50, such 
                increase shall be rounded to the nearest multiple of 
                $50.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2002.
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