[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 2800 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 2800

 To amend the Internal Revenue Code of 1986 to provide for a temporary 
 reduction of the inclusion in gross income for old-age and survivors 
 insurance benefit payments under the Social Security Act, as well as 
                  tier 1 railroad retirement benefits.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 14, 2023

 Mr. Ricketts 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 provide for a temporary 
 reduction of the inclusion in gross income for old-age and survivors 
 insurance benefit payments under the Social Security Act, as well as 
                  tier 1 railroad retirement benefits.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Social Security Check Tax Cut Act''.

SEC. 2. TEMPORARY REDUCTION OF INCLUSION IN GROSS INCOME FOR OLD-AGE 
              AND SURVIVORS INSURANCE BENEFIT PAYMENTS.

    (a) In General.--Section 86 of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new subsection:
    ``(g) Special Rules for Taxable Years 2024 and 2025.--
            ``(1) In general.--In the case of a taxable year beginning 
        after December 31, 2023, and before January 1, 2026, this 
        section shall be applied as provided in paragraphs (2) and (3).
            ``(2) Separate application for retirement and disability 
        benefits.--Subsection (a) shall be applied separately with 
        respect to--
                    ``(A) any social security benefits received by the 
                taxpayer by reason of entitlement to--
                            ``(i) a monthly benefit under section 202 
                        of the Social Security Act (42 U.S.C. 402), or
                            ``(ii) a tier 1 railroad retirement 
                        benefit, and
                    ``(B) any social security benefits received by the 
                taxpayer by reason of entitlement to a monthly benefit 
                under section 223 of the Social Security Act (42 U.S.C. 
                423).
            ``(3) Reduction of inclusion in gross income for old-age 
        and survivors insurance benefit payments.--For purposes of any 
        social security benefits which are described in paragraph 
        (2)(A), in lieu of the amount determined under subsection (a) 
        (after the application of paragraph (2)) with respect to such 
        benefits, the amount of such benefits which are included in the 
        gross income of the taxpayer under this section shall be equal 
        to--
                    ``(A) the amount otherwise determined under 
                subsection (a) (after the application of paragraph (2)) 
                with respect to such benefits, minus
                    ``(B) an amount equal to--
                            ``(i) in the case of a taxable year 
                        beginning after December 31, 2023, and before 
                        January 1, 2025, 10 percent of the amount 
                        determined under subparagraph (A), and
                            ``(ii) In the case of a taxable year 
                        beginning after December 31, 2024, and before 
                        January 1, 2026, 20 percent of the amount 
                        determined under subparagraph (A).''.
    (b) Protection of Trust Funds.--There are hereby appropriated to 
the Federal Old-Age and Survivors Trust Fund and the Federal Disability 
Insurance Trust Fund established under section 201 of the Social 
Security Act (42 U.S.C. 401), as well as the Medicare Hospital 
Insurance Trust Fund established under section 1817(a) of the Social 
Security Act (42 U.S.C. 1395i(a)), amounts equal to the reduction in 
revenues to the Treasury by reason of the amendment made by subsection 
(a). Amounts appropriated by the preceding sentence shall be 
transferred from the general fund at such times and in such manner as 
to replicate to the extent possible the transfers which would have 
occurred to each such Trust Fund had such amendment not been enacted.
    (c) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2023.
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