Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Seniors Financial Security Act of
2003''.

SEC. 2. REPEAL OF INCLUSION IN GROSS INCOME OF SOCIAL SECURITY BENEFITS
AND TIER 1 RAILROAD RETIREMENT BENEFITS.

(a) In General.--Section 86 of the Internal Revenue Code of 1986
(relating to taxation of social security and tier 1 railroad retirement
benefits) is hereby repealed.
(b) Technical and Conforming Amendments.--
(1) Subparagraph (B) of section 22(c)(3) of such Code
(relating to treatment of certain workmen's compensation
benefits) is amended by striking ''any amount treated as a
social security benefit under section 86(d)(3)'' and inserting
''if, by reason of section 224 of the Social Security Act (or
by reason of section 3(a)(1) of the Railroad Retirement Act of
1974), any benefit otherwise payable under title II of the
Social Security Act or the Railroad Retirement Act of 1974 is
reduced by reason of the receipt of a benefit under a workmen's
compensation act, the portion of such benefit received under
the workmen's compensation act which equals such reduction''.
(2) Paragraph (3) of section 72(r) of such Code (defining
tier 1 railroad retirement benefit) is amended by striking
''has the meaning given such term by section 86(d)(4)'' and
inserting ''means--
''(A) the amount of the annuity under the Railroad
Retirement Act of 1974 equal to the amount of the
benefit to which the taxpayer would have been entitled
under the Social Security Act if all of the service
after December 31, 1936, of the employee (on whose
employment record the annuity is being paid) had been
included in the term 'employment' as defined in the
Social Security Act, and
''(B) a monthly annuity amount under section
3(f)(3) of the Railroad Retirement Act of 1974.''.
(3) Sections 135(c)(4)(B), 137(b)(3)(B), 221(b)(2)(C)(ii),
and 222(b)(2)(C)(ii) of such Code are each amended by striking
''86,''.
(4) Clause (i) of section 219(g)(3)(A) of such Code is
amended by striking ''sections 86 and 469'' and inserting
''section 469''.
(5) Subparagraph (F) of section 469(i)(3) of such Code is
amended by striking clause (i) and by redesignating clauses
(ii), (iii), and (iv) as clauses (i), (ii), and (iii),
respectively.
(6) Paragraph (8) of section 861(a) of such Code (treating
social security benefits as United States sourced) is hereby
repealed.
(7) Paragraph (3) of section 871(a) of such Code (relating
to taxation of social security benefits by nonresident aliens)
is hereby repealed.
(8) Subsection (g) of section 1441 of such Code (relating
to withholding of tax on nonresident aliens) is hereby
repealed.
(9) Subparagraph (C) of section 3402(p)(1) of such Code is
amended by striking clause (i) and by redesignating clauses
(ii), (iii), and (iv) as clauses (i), (ii), and (iii),
respectively.
(10) Paragraph (4) of section 6015(d) of such Code is
amended by striking the last sentence.
(11) Section 6050F of such Code (relating to returns
relating to social security benefits) is hereby repealed.
(12) Paragraph (1) of section 6050G(a) of such Code
(relating to returns relating to certain railroad retirement
benefits) is amended by striking ''section 86(d)(4)'' and
inserting ''section 72(r)(3)''.
(13)(A) Section 6103(h) of such Code (relating to
disclosure) is amended by striking paragraph (5) and by
redesignating paragraph (6) as paragraph (5).
(B) Paragraph (4) of section 6103(p) of such Code is
amended by striking ''(h)(5),'' each place it appears.
(C) Subsection (k) of section 1113 of the Right to
Financial Privacy Act of 1978 is hereby repealed.
(14) The table of sections for part II of subchapter B of
chapter 1 of such Code is amended by striking the item relating
to section 86.
(15) The table of sections for subpart B of part III of
subchapter A of chapter 61 of such Code is amended by striking
the item relating to section 6050F.
(c) Effective Date.--The amendments made by this section shall
apply to benefits received after December 31, 2002, in taxable years
ending after such date.
(d) Trust Funds Held Harmless.--There are hereby appropriated (out
of any money in the Treasury not otherwise appropriated) for each
fiscal year to each fund under the Social Security Act or the Railroad
Retirement Act of 1974 an amount equal to the reduction in the
transfers to such fund for such fiscal year by reason of the amendments
made by this section.
A:
Seniors Financial Security Act of 2003 - Amends the Internal Revenue Code to repeal the tax on social security and tier 1 railroad retirement benefits.