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HR 5725 111th Congress House Taxation Appropriations Capital gains tax Employee benefits and pensions Employment taxes Government trust funds Income tax exclusion Income tax rates Interest, dividends, interest rates Medicare Social security and elderly assistance

Senior Citizens Income Security Act of 2010

Introduced: July 13, 2010 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 13, 2010
Referred to House Energy and Commerce
Jul 13, 2010
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jul 13, 2010
Referred to House Ways and Means
Jul 13, 2010
Introduced in House
 Plain-English summary Congressional Research Service

Senior Citizens Income Security Act of 2010 - Amends the Internal Revenue Code to: (1) to replace the formula for including social security benefits in gross income for income tax purposes with the formula in existence prior to the enactment of the Omnibus Budget Reconciliation Act of 1993; (2) eliminate mandatory withdrawals from retirement accounts after age 70-1/2; (3) eliminate employment taxes on individuals receiving social security retirement and Medicare benefits; and (4) allow an exclusion from gross income, up to $250 ($500 for joint returns), for dividends, interest, and capital gains. Appropriates additional amounts to the Hospital Insurance Trust Fund to compensate for losses in revenue resulting from the revision of the formula for including social security benefits in gross income.

Amends title II (Old-Age, Survivors, and Disability Insurance Benefits) of the Social Security Act to require the Secretary of Health and Human Services (HHS) to establish a procedure for allowing Medicare beneficiaries to waive Medicare entitlements and be automatically enrolled in the Medicare Alternative Voucher Program established by this Act.

What's happening now July 13, 2010

Referred to House Energy and Commerce

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Republican 1