S. 458

119 S458 IS: Senior Citizens Tax Elimination Act
 U.S. Senate
 2025-02-06
 text/xml
 EN
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 II  119th CONGRESS  1st Session  S. 458  IN THE SENATE OF THE UNITED STATES   February 6 (legislative day, February 5), 2025   Mr. Tuberville  (for himself and  Mr. Sheehy ) introduced the following bill; which was read twice and referred to the  Committee on Finance    A BILL
To amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.
1.
Short title
This Act may be cited as the   Senior Citizens Tax Elimination Act  .
2.
Repeal of inclusion in gross income of Social Security benefits
(a)
In general
 Section 86  of the Internal Revenue Code of 1986 (relating to social security benefits) is amended by adding at the end the following new subsection:
(g)
Termination
This section shall not apply to any taxable year beginning after the date of the enactment of this subsection.
 .
(b)
Social Security trust funds held harmless
(1)
In general
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  section 86(g)  of the Internal Revenue Code of 1986.
(2)
No tax increases
It is the sense of the Congress that tax increases will not be used to provide the revenue necessary to carry out paragraph (1).