H.R.159 - Seniors Tax Equity Act of 1995104th Congress (1995-1996)
|Sponsor:||Rep. Solomon, Gerald B. H. [R-NY-22] (Introduced 01/04/1995)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 01/04/1995 Referred to the House Committee on Ways and Means. (All Actions)|
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Text: H.R.159 — 104th Congress (1995-1996)All Information (Except Text)
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Introduced in House (01/04/1995)
[Congressional Bills 104th Congress] [From the U.S. Government Printing Office] [H.R. 159 Introduced in House (IH)] 104th CONGRESS 1st Session H. R. 159 To amend the Internal Revenue Code of 1986 to provide that tax-exempt interest shall not be taken into account in determining the amount of social security benefits included in gross income. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 4, 1995 Mr. Solomon 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 that tax-exempt interest shall not be taken into account in determining the amount of social security benefits included in gross income. 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 ``Seniors Tax Equity Act of 1995''. SEC. 2. TAX-EXEMPT INTEREST NOT TAKEN INTO ACCOUNT IN DETERMINING TAXATION OF SOCIAL SECURITY BENEFITS. (a) In General.--Paragraph (2) of section 86(b) of the Internal Revenue Code of 1986 (relating to social security and tier 1 railroad retirement benefits) is amended by striking ``gross income--'' and all that follows and inserting ``gross income determined without regard to this section and sections 135, 911, 931, and 933.'' (b) Effective Date.--The amendment made by subsection (a) shall apply to taxable years beginning after the date of the enactment of this Act. <all>