A bill to amend the Internal Revenue Code of 1986 to provide for a temporary reduction of the inclusion in gross income for old-age and survivors insurance benefit payments under the Social Security Act, as well as tier 1 railroad retirement benefits.

Bill 119 s 1109, also known as the "Social Security and Railroad Retirement Benefit Tax Relief Act of 2021," aims to amend the Internal Revenue Code of 1986 to temporarily reduce the amount of old-age and survivors insurance benefit payments under the Social Security Act that are included in an individual's gross income. This bill also includes tier 1 railroad retirement benefits in the temporary reduction.

The purpose of this bill is to provide tax relief to individuals who receive Social Security and railroad retirement benefits by lowering the amount of their benefits that are subject to income tax. This reduction in taxable income is intended to help alleviate financial burdens on retirees and survivors who rely on these benefits as a significant source of income.

If passed, this bill would provide temporary relief by reducing the tax burden on individuals receiving Social Security and railroad retirement benefits. This measure could potentially benefit a large number of retirees and survivors who depend on these benefits for their financial well-being.