[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 767 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
                                 S. 767

 To amend the Internal Revenue Code of 1986 to repeal the increase in 
                  the tax on social security benefits.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 2, 2003

 Mr. Smith (for himself, Mr. Bayh, Mr. Chambliss, Mr. Miller, and Mr. 
    Warner) 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 repeal the increase in 
                  the tax 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. REPEAL OF INCREASE IN TAX ON SOCIAL SECURITY BENEFITS.

    (a) Repeal of Increase in Tax on Social Security Benefits.--
            (1) In general.--Paragraph (2) of section 86(a) of the 
        Internal Revenue Code of 1986 (relating to social security and 
        tier 1 railroad retirement benefits) is amended by adding at 
        the end the following new flush sentence:
        ``This paragraph shall not apply to any taxable year beginning 
        after December 31, 2002.''
            (2) Effective date.--The amendment made by this section 
        shall apply to taxable years beginning after December 31, 2002.
    (b) Revenue Offset.--The Secretary of the Treasury shall transfer, 
for each fiscal year, from the general fund in the Treasury to the 
Federal Hospital Insurance Trust Fund established under section 1817 of 
the Social Security Act (42 U.S.C. 1395i) an amount equal to the 
decrease in revenues to the Treasury for such fiscal year by reason of 
the amendment made by this section.
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