Pandemic Relief for Working Seniors Act of 2021

Bill: 117-hr-1601
Sponsor: full_name: Rep. Walorski, Jackie [R-IN-2]
Introduced: 2021-03-03
Policy area: Social Welfare
Subjects: Social security and elderly assistance

Wages and earnings
Latest action: action_date: 2021-03-03
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-03-03
action_desc: Introduced in House
text: <p> <strong>Pandemic Relief for Working Seniors Act of 2021</strong> <p>This bill increases the amount of income that individuals who are younger than full retirement age may earn in taxable years 2020 and 2021 without reductions to their Old-Age, Survivors, and Disability Insurance (OASDI) benefits. <p>Under current law, these individuals are subject to the retirement earnings test, which reduces their OASDI benefits if their earnings exceed an annual limit. This limit is set at $18,240 for 2020 and $18,960 for 2021 for most individuals. However, the limit for individuals who reach full retirement age in 2020 or 2021 is $48,600 or $50,520, respectively. <p>This bill increases the applicable income limits to equal the amount of the contribution and benefit base. The contribution and benefit base serves as a cap on both the amount of earnings subject to the Social Security payroll tax and the amount of earnings used to calculate benefits. It is set at $137,700 for 2020 and $142,800 for 2021.

tv_txt: I 117th CONGRESS 1st Session H. R. 1601 IN THE HOUSE OF REPRESENTATIVES March 3, 2021 Mrs. Walorski introduced the following bill; which was referred to the Committee on Ways and Means A BILL To increase the exempt amount applicable for the retirement earnings test for months in 2020 and 2021, and for other purposes.

1. Short title This Act may be cited as the Pandemic Relief for Working Seniors Act of 2021 . 2. Determination of exempt amounts for 2020 and 2021 (a) In general For purposes of subsection (b) of section 203 of the Social Security Act ( 42 U.S.C. 403 ) and notwithstanding subsection (f)(8)(B) of such section— (1) the exempt amount which is applicable to all individuals (including individuals described in subsection (f)(8)(D) of such section) for months in the taxable year ending after 2019 and before 2021 shall be an amount equal to the contribution and benefit base determined under section 230 of such Act with respect to remuneration paid (and taxable years beginning) in calendar year 2020; and (2) the exempt amount which is applicable to all individuals (including individuals described in subsection (f)(8)(D) of such section) for months in the taxable year ending after 2020 and before 2022 shall be an amount equal to the contribution and benefit base determined under section 230 of such Act with respect to remuneration paid (and taxable years beginning) in calendar year 2021. (b) Determination of exempt amounts for months after 2021 For purposes of determining exempt amounts for months in taxable years beginning after 2021, section 203(f)(8) shall be applied as if exempt amounts for months in taxable years ending after 2019 and before 2022 had been determined under such section without regard to subsection (a).