H.R.14940 - Combined Old-Age, Survivors, and Disability Insurance-Income Tax Reporting Amendments93rd Congress (1973-1974)
|Sponsor:||Rep. Archer, Bill [R-TX-7] (Introduced 05/22/1974)|
|Committees:||House - Ways and Means|
|Latest Action:||05/22/1974 Referred to House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.14940 — 93rd Congress (1973-1974)All Bill Information (Except Text)
Introduced in House (05/22/1974)
Combined Old-Age, Survivors, and Disability Insurance - Income Tax Reporting Amendments - Title I: Amendments to Title II of the Social Security Act - Directs the Secretary of the Treasury to make available specified tax returns to the Secretary of Health, Education, and Welfare.
Empowers the Secretary of HEW and the Secretary of the Treasury to enter into an agreement for the processing of information contained in such returns.
Requires the Secretary of the Treasury to provide to the Secretary of HEW any documents they agree are necessary for such processing.
Directs the Managing Trustee of the Trust Funds, including the Federal Hospital Insurance Trust Fund and the Federal Supplementary Medical Insurance Trust Fund, to pay into the Treasury the amounts he and the Secretary of HEW estimate will be expended from the general fund of the Treasury by the Departments of HEW and Treasury for the administration of (1) titles II, and XVIII of the Social Security Act, and (2) specified chapters and subchapters of the Internal Revenue Code.
Requires the Secretary of HEW to apportion (between each trust fund and the general fund in the Treasury) the costs of administrating titles II, XVI and XVIII of the Social Security Act and its costs in carrying out specified functions of this Act.
Provides that average monthly wage, quarters of coverage, and coverage credits derived from self-employment income for taxable years beginning before 1974 are to be determined on a basis of income credited to calendar quarters.
Limits quarters coverage to quarters occuring before 1974 and makes additional modification to taxation of self-employed persons.
Allocates, under the Social Security Act, coverage credits for earnings before 1974 based on quarters of coverage and after 1973 on the basis of earnings during the calendar year.
Provides that a person will satisfy the requirements prerequisite to a determination of disability if he has 20 or more coverage credits which were credited to the period ending on the day the disability arose and consisting of that part of the current calendar year up until the day the disability began and the nine prior calendar years.
Redefines a "fully insured individual" in terms of coverage credits rather than quarters of coverage. States that any person upon attaining the age of 62 with the proper number of coverage credits is fully insured.
Provides that specified benefits be paid to individuals not citizens of the United States who amassed sufficient coverage credits.
Title II: Amendments Preserving Relationship Between Railroad Retirement and Old-Age, Survivors, and Disability Insurance - Provides, under the Railroad Retirement Act of 1937, that in the calucalation of an employee's "average monthly remumeration" after calendar year 1974 an individual employee shall obtain the benefit of full allowable coverage credits, irrespective of whether particular quarters of coverage were otherwise available for calculation purposes.