A bill to amend the Internal Revenue Code of 1986 to increase the threshold amounts for inclusion of Social Security benefits in income, and for other purposes.

Hozzl · 2024-12-20T11:56:20Z

Explore the details of Senate Bill 5603 A bill to amend the Internal Revenue Code of 1986 to increase the threshold amounts for inclusion of Social Security benefits in income, and for other purposes. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

12/20/2024, 11:56 AM

Summary of Bill S 5603

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.

Current Status of Bill S 5603

Bill S 5603 is currently in the status of Bill Introduced since December 19, 2024. Bill S 5603 was introduced during Congress 118 and was introduced to the Senate on December 19, 2024. Bill S 5603's most recent activity was Read twice and referred to the Committee on Finance. as of December 19, 2024