H.R.6120 - To exclude unemployment compensation received during 1992 by low-or moderate-income individuals from gross income.102nd Congress (1991-1992)
|Sponsor:||Rep. Ridge, Thomas J. [R-PA-21] (Introduced 10/03/1992)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 10/03/1992 Referred to the House Committee on Ways and Means. (All Actions)|
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Text: H.R.6120 — 102nd Congress (1991-1992)All Information (Except Text)
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Introduced in House
HR 6120 IH 102d CONGRESS 2d Session H. R. 6120 To exclude unemployment compensation received during 1992 by low- or moderate-income individuals from gross income. IN THE HOUSE OF REPRESENTATIVES October 3, 1992 Mr. RIDGE introduced the following bill; which was referred to the Committee on Ways and Means A BILL To exclude unemployment compensation received during 1992 by low- or moderate-income individuals from gross income. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. EXCLUSION OF UNEMPLOYMENT COMPENSATION RECEIVED DURING 1992 BY LOW- OR MODERATE-INCOME INDIVIDUALS. (a) GENERAL RULE- Effective with respect to taxable years beginning in 1992-- (1) no amount shall be included in the gross income of the taxpayer under section 85 of the Internal Revenue Code of 1986 unless the sum for the taxable year of the adjusted gross income of the taxpayer (determined without regard to such section 85 and sections 86 and 135 of such Code) and the unemployment compensation exceeds the base amount, and (2) if the requirements of paragraph (1) are satisfied, the amount included in gross income under such section 85 shall be equal to the lesser of-- (A) one-half of the amount of the excess of the sum referred to in paragraph (1) over the base amount, or (B) the amount of the unemployment compensation. (b) BASE AMOUNT DEFINED- For purposes of this section, the term `base amount' means-- (1) except as provided in paragraphs (2) and (3), $12,000, (2) $18,000, in the case of a joint return under section 6013 of such Code, or (3) zero, in the case of a taxpayer who-- (A) is married at the close of the taxable year (within the meaning of section 7703 of such Code) but does not file a joint return for such year, and (B) does not live apart from his spouse at all times during the taxable year. (c) UNEMPLOYMENT COMPENSATION DEFINED- For purposes of this section, the term `unemployment compensation' means any amount received under a law of the United States or of a State which is in the nature of unemployment compensation.