110 HR 6677 IH: Social Security Tax Relief Act of U.S. House of Representatives 2008-07-30 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 6677 IN THE HOUSE OF REPRESENTATIVES July 30, 2008 Mr. Platts 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 an inflation adjustment of the base amounts used to determine the amount of Social Security benefits included in gross income.

1.

Short title

This Act may be cited as the Social Security Tax Relief Act of 2008.

2.

Inflation adjustment of base amounts used to determine Social Security benefits included in gross income

(a)

In general

Subsection (c) of section 86 of the Internal Revenue Code of 1986 (relating to base amount and adjusted base amount) is amended by adding at the end the following new paragraph: (3)

Cost-of-living adjustment

In the case of any taxable year beginning in a calendar year after 2008, each dollar amount contained in paragraphs (1) and (2) 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 2007 for calendar year 1992 in subparagraph (B) thereof. 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 this section shall apply to taxable years beginning after December 31, 2008.