Combined Old Age Survivors, and Disability Insurance-Income Tax Reporting Amendments

Summary

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, under the program of Old-Age, Survivors, and Disability Insurance, to make available to the Secretary of Health, Education, and Welfare information returns filed with the Internal Revenue Service. 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. 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 Department of HEW and Treasury for the administration of (1) titles II, XVI (Supplemental Security Income) and XVIII (Medicare) 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 administering such titles 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. Bases the computation of the average monthly wage and coverage credits with respect to self-employment income during any taxable year which begins after 1974 on income credited to calendar years in accordance with standards set forth in this Act. 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 shall be paid to individuals not citizens of the United States who amass 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 calculation of an employee's "average monthly remuneration" 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.

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1 official file

• Introduced in House

  summary · EN · 29 March 1977

  Open at official source

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