117 HR 7692 IH: Senior Citizens Inflation Relief Act U.S. House of Representatives 2022-05-10 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.

I117th CONGRESS2d SessionH. R. 7692IN THE HOUSE OF REPRESENTATIVESMay 10, 2022Mr. Posey introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend title II of the Social Security Act to temporarily increase the monthly exempt amount for 2022 and 2023 for individuals not attaining full retirement age, and for other purposes.

1.

Short title

This Act may be cited as the Senior Citizens Inflation Relief Act.

2.

Temporary increase to exempt amount

(a)

Exempt amount increased

Section 203(f)(8) of the Social Security Act (42 U.S.C. 403(f)(8)) is amended by adding at the end the following:(F)(i)Notwithstanding any other provision of this subsection, the exempt amount which is applicable to an individual other than an individual described in subparagraph (D) shall be, for each month of any taxable year ending after 2021 and before 2024, $2,046.67.(ii)In determining the exempt amount applicable to an individual other than an individual described in subparagraph (D) for each month of any taxable year ending after 2023 and before 2025, clause (i) of subparagraph (B) shall be applied as if the exempt amount for each month of any taxable year ending after 2021 and before 2024 were determined without regard to clause (i) of this subparagraph..(b)

Conforming amendments

Section 203(f)(8)(B) of such Act (42 U.S.C. 403(f)(8)(B)) is amended, in the matter preceding clause (i)—(1)by striking subparagraph (D), the exempt and inserting subparagraphs (D) and (F), the exempt; and(2)by striking such subparagraph and inserting subparagraph (D).(c)

Social Security Trust Funds Held Harmless

There are authorized to be appropriated to the Federal Old-Age and Survivors Insurance Trust Fund amounts equal to the increase in expenditures from such Trust Fund as a result of the amendments made by this Act.