Senior Citizens Inflation Relief Act

Bill: 117-hr-7692
Sponsor: full_name: Rep. Posey, Bill [R-FL-8]
Introduced: 2022-05-10
Policy area: Social Welfare
Latest action: action_date: 2022-05-10
text: Referred to the Subcommittee on Social Security.

Summaries:
action_date: 2022-05-10
action_desc: Introduced in House
text: <p><strong>Senior Citizens Inflation Relief Act</strong></p> <p>This bill temporarily increases the amount of income that individuals who are less than the full retirement age may earn without incurring a reduction in their Social Security retirement benefits.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7692 IN THE HOUSE OF REPRESENTATIVES May 10, 2022 Mr. Posey 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 temporarily increase the monthly exempt amount for 2022 and 2023 for individuals not attaining full retirement age, and for other purposes.

1. Short title This Act may be cited as the Senior Citizens Inflation Relief Act . 2. Temporary increase to exempt amount (a) Exempt amount increased 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) (i) 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 each month of any taxable year ending after 2021 and before 2024, $2,046.67. (ii) In determining the exempt amount applicable to an individual other than an individual described in subparagraph (D) for each month of any taxable year ending after 2023 and before 2025, clause (i) of subparagraph (B) shall be applied as if the exempt amount for each month of any taxable year ending after 2021 and before 2024 were determined without regard to clause (i) of this subparagraph. . (b) Conforming amendments Section 203(f)(8)(B) of such Act ( 42 U.S.C. 403(f)(8)(B) ) is amended, in the matter preceding clause (i)— (1) by striking subparagraph (D), the exempt and inserting subparagraphs (D) and (F), the exempt ; and (2) by striking such subparagraph and inserting subparagraph (D) . (c) Social Security Trust Funds Held Harmless There are authorized to be appropriated to the Federal Old-Age and Survivors Insurance Trust Fund amounts equal to the increase in expenditures from such Trust Fund as a result of the amendments made by this Act.