Senior Independence Act of 2023

Subjects: Social Welfare


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1783 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 1783

 To amend title II of the Social Security Act to increase the monthly 
 exempt amount for individuals not attaining full retirement age, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 24, 2023

Mr. Grothman (for himself and Mr. Gosar) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend title II of the Social Security Act to increase the monthly 
 exempt amount for individuals not attaining full retirement age, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Senior Independence Act of 2023''.

SEC. 2. PURPOSE AND FINDINGS.

    (a) Purpose.--The purpose of this Act is to increase the base 
exemption used by the Social Security Administration in determining the 
annual earnings limit for early retirees before monthly benefits are 
reduced. This legislation would increase the annual earnings limitation 
to $30,000 (or $2,500 per month for less than full year calculations) 
for the year 2024 and adjusted for wage inflation in the following 
years as required by current law.
    (b) Findings.--Congress finds the following:
            (1) Allowing early retirees to earn more while retaining 
        their Social Security benefits will have no impact on the 
        solvency of the program because, under current law, any 
        reductions in benefits for excess earnings are returned to the 
        beneficiary after attaining full retirement age through 
        increased monthly benefits.
            (2) Increasing the earning limit for Social Security 
        beneficiaries will result in the potential for increased 
        collection of FICA taxes used to fund the program.

SEC. 3. INCREASE IN MONTHLY EXEMPT AMOUNT FOR INDIVIDUALS NOT ATTAINING 
              RETIREMENT AGE.

    (a) In General.--Section 203(f)(8) of the Social Security Act (42 
U.S.C. 403(f)(8)) is amended by adding at the end the following:
            ``(F) Notwithstanding any other provision of this 
        subsection, the exempt amount which is applicable to an 
        individual other than an individual described in subparagraph 
        (D) shall be, for months in any taxable year ending after 2023 
        and before 2025, $2,500.''.
    (b) Conforming Amendments.--Section 203(f)(8) of the Social 
Security Act (42 U.S.C. 403(f)(8)) is further amended--
            (1) in subparagraph (B)(ii)--
                    (A) in the matter preceding subclause (I), by 
                striking ``the taxable year ending after 1993 and 
                before 1995'' and inserting ``the taxable year ending 
                after 2023 and before 2025''; and
                    (B) in subclause (II), by striking ``1992'' and 
                inserting ``2022''.
    (c) Effective Date.--The amendments made by this Act shall apply 
with respect to months in taxable years ending in any calendar year 
after 2023.
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