Bill 118 s 5603, also known as the Social Security Income Threshold Act, aims to make changes to the Internal Revenue Code of 1986 in order to raise the threshold amounts for including Social Security benefits in income. The bill seeks to provide relief for individuals who rely on Social Security as a source of income by increasing the amount of benefits that can be received tax-free.
Currently, Social Security benefits are subject to income tax if an individual's combined income exceeds a certain threshold. This bill proposes to raise that threshold, allowing more individuals to receive their Social Security benefits tax-free. This change is intended to provide financial relief for retirees and individuals with disabilities who rely on Social Security as their primary source of income.
In addition to increasing the threshold amounts for including Social Security benefits in income, the bill also includes provisions for other purposes. These additional purposes may include further adjustments to the tax code or other measures aimed at supporting individuals who rely on Social Security benefits.
Overall, the Social Security Income Threshold Act seeks to provide financial relief for individuals who depend on Social Security benefits by raising the threshold amounts for including these benefits in income. This bill aims to make the tax code more equitable for individuals who rely on Social Security as a source of income.