A bill to amend the Internal Revenue Code of 1954 to exclude from gross income a certain portion of amounts received under public retirement systems.

Summary

Amends the Internal Revenue Code to allow individuals over age 65 an exclusion from gross income of a portion of any amounts received as a pension or annuity under a public retirement system. Limits the amount of such exclusion to the excess of: (1) the applicable limit for the taxpayer; over, (2) amounts received by the taxpayer under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Defines "applicable limit" as: (1) for an individual, the maximum individual social security benefit; (2) for a joint return, the product of 1 1/2 and the maximum individual social security benefit; or, (3) for married individuals filing separately, 3/4 of the maximum individual social security benefit.

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Timeline

1. 25 February 1981

   Introduced

   Introduced in House

   Source: IntroReferral

2. 25 February 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

3. 25 February 1981

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 25 February 1981

  Open at official source

Sponsors

• Rep. Burton, John [D-CA-5] · D · Sponsor
• · hswm00 · Standing

Related records

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