the same as if no resolution had been re-
ceived from the other House; and
‘‘(iii) notwithstanding clause (ii), the
vote on final passage shall be on the reso-
lution of the other House.
Upon disposition of a joint resolution that is re-
ceived by one House from the other House, it
shall no longer be in order to consider the joint
resolution that was introduced in the receiving
House.
‘‘(E) DATE CERTAIN.—If the Senate and
the House of Representatives have not acted
upon the joint resolution by the 120-day period
beginning on the date on which the President
transmits the report to the Congress, then on
that day or the next day of session thereafter
the joint resolution shall be called up by the
Presiding Officer of each House upon convening
and a roll call vote shall be conducted on pas-
sage. If the joint resolution passes one House
a vote on final passage shall be immediately
conducted in the other House.
‘‘(F) RULES OF THE SENATE AND HOUSE
OF REPRESENTATIVES.—This subsection is en-
acted by Congress—
‘‘(i) as an exercise of the rulemaking
power of the Senate and House of Rep-
resentatives, respectively, and is deemed to
be part of the rules of each House, respec-
tively, but applicable only with respect to
the procedure to be followed in that House
in the case of a joint resolution, and it su-
persedes other rules only to the extent that
it is inconsistent with such rules; and
‘‘(ii) with full recognition of the con-
stitutional right of either House to change
the rules (so far as they relate to the pro-
cedure of that House) at any time, in the
same manner, and to the same extent as in
the case of any other rule of that House.’’.
(b) CONFORMING AMENDMENTS.—Section 201(h) of
such Act (42 U.S.C. 401(h)) is amended—
(1) by striking ‘‘All other’’ in the second sen-
tence and inserting ‘‘Except as provided in section
255, all other’’; and
(2) by adding at the end the following new sen-
tence: ‘‘Any reference in this part to benefits under
this title shall be deemed a reference to benefits en-
titlement to which arises under this part.’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply with respect to payments of old-
age insurance benefits for months after December 1998.
SEC. 3. TAX TREATMENT OF AMOUNTS CONTRIBUTED TO,
AND DISTRIBUTIONS FROM, PERSONAL SO-
CIAL SECURITY INVESTMENT ACCOUNTS.
(a) IN GENERAL.—Part VII of subchapter B of chap-
ter 1 of the Internal Revenue Code of 1986 (relating to
additional itemized deductions for individuals) is amended
by redesignating section 221 as section 222 and by insert-
ing after section 220 the following new section:
‘‘SEC. 221. PERSONAL SOCIAL SECURITY INVESTMENT AC-
COUNTS.
‘‘(a) ALLOWANCE OF DEDUCTION.—In the case of an
individual, there shall be allowed as a deduction for the
taxable year an amount equal to the amount contributed
in cash for such taxable year to the personal social security
investment account of any eligible individual.
‘‘(b) MAXIMUM AMOUNT OF DEDUCTION.—
‘‘(1) IN GENERAL.—The amount allowable as a
deduction under subsection (a) for any taxable year
for contributions to the personal social security in-
vestment account of an eligible individual shall not
exceed $2,000.
‘‘(2) SPECIAL RULE.—If the account holder of
any personal social security investment account
makes a contribution to such account for any tax-
able year, no other taxpayer shall be allowed a de-
duction for any amount contributed to such account
for such taxable year.
‘‘(c) DEFINITIONS.—For purposes of this section—
‘‘(1) PERSONAL SOCIAL SECURITY INVESTMENT
ACCOUNT.—The term ‘personal social security in-
vestment account’ means an account established
under section 252 of the Social Security Act.
‘‘(2) ELIGIBLE INDIVIDUAL.—The term ‘eligible
individual’ means, with respect to the taxpayer—
‘‘(A) the taxpayer,
‘‘(B) the taxpayer’s spouse, and
‘‘(C) any individual with respect to whom
a deduction under section 151(c) is allowed to
the taxpayer.
Subparagraph (B) shall not apply unless the tax-
payer files a joint return for the taxable year.
‘‘(d) TAX TREATMENT OF DISTRIBUTIONS.—
‘‘(1) IN GENERAL.—Except as otherwise pro-
vided in this subsection, any amount paid or distrib-
uted out of a personal social security investment ac-
count shall be included in gross income by the payee
or distributee, as the case may be, in the manner
provided under section 72.
‘‘(2) SPECIAL RULES FOR APPLYING SECTION
72.—For purposes of applying section 72 to any
amount described in paragraph (1)—
‘‘(A) all personal social security investment
accounts of the same individual shall be treated
as 1 contract,
‘‘(B) all distributions during any taxable
year shall be treated as 1 distribution, and
‘‘(C) the value of the contract, income on
the contract, and investment in the contract
shall be computed as of the close of the cal-
endar year in which the taxable year begins.
For purposes of subparagraph (C), the value of the
contract shall be increased by the amount of any dis-
tributions during the calendar year.
‘‘(3) TREATMENT
OF
DISTRIBUTIONS
OF
SO-
CIAL SECURITY BENEFITS.—
‘‘(A) IN GENERAL.—Notwithstanding para-
graph (1), the amount of any benefit distribu-
tion described in section 255(b) of the Social
Security Act shall be included in gross income
(to the extent provided in section 86) as if such