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HR 1157 103th Congress House Taxation Cost of living adjustments Income Income tax Indexing (Economic policy)

To amend the Internal Revenue Code of 1986 to provide that the adjusted gross income of an individual shall be adjusted to reflect the value of such income relative to the cost-of-living in the area in which such individual resides.

Introduced: March 1, 1993 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 3, 1993
Sponsor introductory remarks on measure. (CR H972)
Mar 1, 1993
Referred to the House Committee on Ways and Means.
Mar 1, 1993
Introduced in House
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to redefine "adjusted gross income" as the product of the excess of gross income over specified deductions and the area cost-of-living multiplier (currently, gross income minus specified deductions).

Requires the Secretary of the Treasury to prescribe an annual cost-of-living multiplier for each area of the United States by dividing the average cost-of-living for the United States for the preceding calendar year by the cost-of-living for such area for the same period.

Bases the cost-of-living of an area on the average of retail market prices for such area in a 12-month period.

Requires the cost-of-living multiplier for areas outside of the United States to be one.

What's happening now March 3, 1993

Sponsor introductory remarks on measure. (CR H972)

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1