A bill to amend the Internal Revenue Code of 1986 to suspend the inclusion in gross income of Social Security benefits.

Bill: 116-s-3528
Sponsor: full_name: Sen. Markey, Edward J. [D-MA]
Introduced: 2020-03-18
Policy area: Taxation
Latest action: action_date: 2020-03-18
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2020-03-18
action_desc: Introduced in Senate
text: <p>This bill suspends the inclusion in&nbsp;gross income, for income tax purposes, of Social Security benefits in 2020. </p>

tv_txt: II 116th CONGRESS 2d Session S. 3528 IN THE SENATE OF THE UNITED STATES March 18, 2020 Mr. Markey introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to suspend the inclusion in gross income of Social Security benefits.

1. Temporary suspension of inclusion in gross income of social security benefits (a) In general Section 86 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (g) Suspension This section shall not apply to taxable years beginning after December 31, 2019, and before January 1, 2021. . (b) Nonresident alien individuals Section 871(a)(3) of such Code is amended by adding at the end the following flush sentence: This paragraph shall not apply to taxable years beginning after December 31, 2019, and before January 1, 2021. . (c) Trust funds held harmless (1) In general There are hereby appropriated (out of any money in the Treasury not otherwise appropriated) to each payor fund and to the hospital insurance trust fund amounts equal to the respective reduction in the transfers to such fund by reason of section 86(g) and the last sentence of section 871(a)(3) of the Internal Revenue Code of 1986. (2) Definitions For purposes of this subsection— (A) Payor fund The term payor fund means any trust fund or account from which payments of social security benefits are made. (B) Hospital insurance trust fund The term hospital insurance trust fund means the fund established pursuant to section 1817 of the Social Security Act ( 18 U.S.C. 1395i ). (C) Social security benefits The term social security benefits has the meaning given such term by section 86(d)(1) of the Internal Revenue Code of 1986.