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SECTION 1. REPEAL OF 1993 INCREASE IN TAX ON SOCIAL SECURITY BENEFITS.

(a) In General.--Paragraph (2) of section 86(a) of the Internal
Revenue Code of 1986 (relating to social security and tier 1 railroad
retirement benefits) is amended by adding at the end the following new
sentence:
''This paragraph shall not apply to any taxable year beginning
after December 31, 2000.''
(b) Conforming Amendments.--
(1) Paragraph (3) of section 871(a) of such Code is amended
by striking ''85 percent'' in subparagraph (A) and inserting
''50 percent''.
(2)(A) Subparagraph (A) of section 121(e)(1) of the Social
Security Amendments of 1983 (Public Law 98-21) is amended--
(i) by striking ''(A) There'' and inserting
''There'';
(ii) by striking ''(i)'' immediately following
''amounts equivalent to''; and
(iii) by striking '', less (ii)'' and all that
follows and inserting a period.
(B) Paragraph (1) of section 121(e) of such Act is amended
by striking subparagraph (B).
(C) Paragraph (3) of section 121(e) of such Act is amended
by striking subparagraph (B) and by redesignating subparagraph
(C) as subparagraph (B).
(D) Paragraph (2) of section 121(e) of such Act is amended
in the first sentence by striking ''paragraph (1)(A)'' and
inserting ''paragraph (1)''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2000.
(d) Rebate of 2000 Taxes Attributable to 1993 Increase.--
(1) In general.--Subchapter B of chapter 65 of such Code
(relating to abatements, credits, and refunds) is amended by
adding at the end the following new section:

''SEC. 6429. REBATE OF 2000 TAXES ATTRIBUTABLE TO 1993 INCREASE IN TAX
ON SOCIAL SECURITY BENEFITS.

''(a) In General.--In the case of an individual, there shall be
allowed as a credit against the tax imposed by this subtitle for the
taxpayer's first taxable year beginning in 2001 an amount equal to the
amount by which the tax imposed by chapter 1 for the taxpayer's first
taxable year beginning in 2000 would be reduced if paragraph (2) of
section 86(a) had not applied for such taxable year.
''(b) Coordination With Advance Refunds of Credit.--
''(1) In general.--The amount of credit which would (but
for this paragraph) be allowable under this section shall be
reduced (but not below zero) by the aggregate refunds and
credits made or allowed to the taxpayer under subsection (d).
Any failure to so reduce the credit shall be treated as arising
out of a mathematical or clerical error and assessed according
to section 6213(b)(1).
''(2) Joint returns.--In the case of a refund or credit
made or allowed under subsection (d) with respect to a joint
return, such refund or credit shall be treated as having been
made or allowed to each individual filing such return in
proportion to their respective amounts of social security
benefits (as defined in section 86(d)) received during the
taxpayer's first taxable year beginning in 2000.
''(c) Coordination With Estimated Tax.--The credit under this
section shall be treated for purposes of section 6654(f) in the same
manner as a credit under subpart A of part IV of subchapter A of
chapter 1.
''(d) Advance Refunds of Credit.--
''(1) In general.--Each individual shall be treated as
having made a payment against the tax imposed by chapter 1 for
such individual's first taxable year beginning in 2000 in an
amount equal to the advance refund amount for such taxable
year.
''(2) Advance refund amount.--For purposes of paragraph
(1), the advance refund amount is the amount that would have
been allowed as a credit under this section for such first
taxable year if this section (other than subsection (b) and
this subsection) had applied to such taxable year.
''(3) Timing of payments.--In the case of any overpayment
attributable to this subsection, the Secretary shall, subject
to the provisions of this title, refund or credit such
overpayment as rapidly as possible and, to the extent
practicable, before October 1, 2001. No refund or credit shall
be made or allowed under this subsection after December 31,
2001.
''(4) No interest.--No interest shall be allowed on any
overpayment attributable to this subsection.''.
(2) Clerical amendment.--The table of sections for
subchapter B of chapter 65 is amended by adding at the end the
following new item:

''Sec. 6429. Rebate of 2000 taxes
attributable to 1993 increase
in tax on social security
benefits.''.
Output:
Amends the Internal Revenue Code to repeal the tax increase on social security benefits enacted by the Revenue Reconciliation Act of 1993.Provides a credit for the amount of 2000 taxes attributable to such increase.