A bill to amend the Internal Revenue Code of 1954 to make the retirement income credit more consistent with recent changes in the social security laws.

Summary

Permits as a credit against the income tax imposed under the Internal Revenue Code an amount equal to 15 percent of the retirement income received by a qualified taxpayer during the taxable year. Limits the amount of retirement income which may be taken into account for the purpose of computing the credit to $2500, in the case of an unmarried individual and $3750 in the case of a joint return where both spouses are eligible. Provides for a reduction in the amount of retirement income, before applying the limitation figures, of (1) any amount received by an individual as a pension or annuity under title II of the Social Security Act, under the Railroad Retirement Act or otherwise excluded from gross income; (2) one-half the amount of earned income (in excess of $2000) received by an individual who has not attained the age of 72; and (3) any amount of earned income in excess of $1000 if the individual has not attained the age of 62 before the close of the taxable year.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 4 April 1973

  Open at official source

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