A bill to amend section 37 of the Internal Revenue Code of 1954 to make the tax treatment of retirement income comparable to that of social security income.

Summary

Provides that, for purposes of figuring the credit allowable on taxes withheld from retirement income, the amount of retirement income shall be the combined retirement income of both spouses (making a joint return) up to a precribed level, less specified amounts in excess of specified incomes for aged individuals of different ages and less amounts of pensions and annuities under the Social Security Act or Railroad Retirement Act, or amounts otherwise excluded from gross income. Provides that a portion of the amount to be subtracted in such determination for individuals over 62 but under 72 shall be 50 percent of the earned income of such individuals in excess of such prescribed level.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 14 May 1974

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.