Source: http://www.law.cornell.edu/uscode/text/26/22?quicktabs_8=4
Timestamp: 2014-07-29 08:58:37
Document Index: 630018850

Matched Legal Cases: ['§ 22', '§ 22', '§ 22', '§ 122', '§ 2', '§ 701', '§ 201', '§ 202', '§ 2', '§ 8', '§ 2', '§ 2']

26 U.S. Code § 22 - Credit for the elderly and the permanently and totally disabled | LII / Legal Information Institute
U.S. Code › Title 26 › Subtitle A › Chapter 1 › Subchapter A › Part IV › Subpart A › § 22 26 U.S. Code § 22 - Credit for the elderly and the permanently and totally disabled
General rule In the case of a qualified individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 15 percent of such individual’s section 22 amount for such taxable year.
Qualified individual For purposes of this section, the term “qualified individual” means any individual—
Section 22 amount For purposes of subsection (a)—
In general An individual’s section 22 amount for the taxable year shall be the applicable initial amount determined under paragraph (2), reduced as provided in paragraph (3) and in subsection (d).
Initial amount (A)
In general Except as provided in subparagraph (B), the initial amount shall be—
Limitation in case of individuals who have not attained age 65 (i)
Reduction (A)
In general The reduction under this paragraph is an amount equal to the sum of the amounts received by the individual (or, in the case of a joint return, by either spouse) as a pension or annuity or as a disability benefit—
Treatment of certain workmen’s compensation benefits For purposes of subparagraph (A), any amount treated as a social security benefit under section 86
Adjusted gross income limitation If the adjusted gross income of the taxpayer exceeds—
Married couple must file joint return Except in the case of a husband and wife who live apart at all times during the taxable year, if the taxpayer is married at the close of the taxable year, the credit provided by this section shall be allowed only if the taxpayer and his spouse file a joint return for the taxable year.
Marital status Marital status shall be determined under section 7703.
Permanent and total disability defined An individual is permanently and totally disabled if he is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months. An individual shall not be considered to be permanently and totally disabled unless he furnishes proof of the existence thereof in such form and manner, and at such times, as the Secretary may require.
Nonresident alien ineligible for credit No credit shall be allowed under this section to any nonresident alien.
Pub. L. 98–21, title I, § 122(d),Apr. 20, 1983, 97 Stat. 87, as amended by Pub. L. 99–514, § 2,Oct. 22, 1986, 100 Stat. 2095, provided that:
Pub. L. 95–600, title VII, § 701(a)(4),Nov. 6, 1978, 92 Stat. 2898, provided that:
Pub. L. 88–272, title II, § 201(e),Feb. 26, 1964, 78 Stat. 32, provided that: “The amendments made by subsection (a) [amending section 34 of this title] shall apply with respect to taxable years ending after December 31, 1963. The amendment made by subsection (b) [repealing section 34 of this title] shall apply with respect to taxable years ending after December 31, 1964. The amendment made by subsection (c) [amending section 116 of this title] shall apply with respect to taxable years beginning after December 31, 1963. The amendments made by subsection (d) [amending sections 35, 37 [now 22], 46, 116, 584, 642, 702, 854, 857, 871, 1375, and 6014 of this title] shall apply with respect to dividends received after December 31, 1964, in taxable years ending after such date”.
Pub. L. 88–272, title II, § 202(b),Feb. 26, 1964, 78 Stat. 33, provided that: “The amendments made by subsection (a) [amending this section] shall apply to taxable years beginning after December 31, 1963.”
Pub. L. 87–876, § 2,Oct. 24, 1962, 76 Stat. 1199, provided that: “The amendment made by the first section of this Act [amending this section] shall apply only to taxable years ending after the date of the enactment of this Act [Oct. 24, 1962].”
Pub. L. 87–792, § 8,Oct. 10, 1962, 76 Stat. 831, provided that: “The amendments made by this Act [enacting sections 405 and 6047 of this title and amending sections 37 [now 22], 62, 72, 101, 104, 105, 172, 401 to 404, 503, 805, 1361, 2039, 2517, 3306, 3401 and 7207 of this title] shall apply to taxable years beginning after December 31, 1962.”
Act Jan. 28, 1956, ch. 18, § 2,70 Stat. 9, provided that: “The amendment made by the first section of this Act [amending this section] shall apply only with respect to taxable years beginning after December 31, 1955.”
Act Aug. 9, 1955, ch. 659, § 2,69 Stat. 591, provided that: “The amendment made by this Act [amending this section] shall be applicable to taxable years beginning after December 31, 1954.”