Section 1 Short title
This Act may be cited as the “Senior Citizens Inflation Relief Act”.
Senior Citizens Inflation Relief Act
A BILL
To amend title II of the Social Security Act to temporarily increase the monthly exempt amount for 2022 and 2023 for individuals not attaining full retirement age, and for other purposes.
Sec. 2 Temporary increase to exempt amount
Exempt amount increased— Section 203(f)(8) of the Social Security Act (42 U.S.C. 403(f)(8)) is amended by adding at the end the following:
“(F)
“(i) Notwithstanding any other provision of this subsection, the exempt amount which is applicable to an individual other than an individual described in subparagraph (D) shall be, for each month of any taxable year ending after 2021 and before 2024, $2,046.67.
“(ii) In determining the exempt amount applicable to an individual other than an individual described in subparagraph (D) for each month of any taxable year ending after 2023 and before 2025, clause (i) of subparagraph (B) shall be applied as if the exempt amount for each month of any taxable year ending after 2021 and before 2024 were determined without regard to clause (i) of this subparagraph.”
Conforming amendments— Section 203(f)(8)(B) of such Act (42 U.S.C. 403(f)(8)(B)) is amended, in the matter preceding clause (i)—
by striking “subparagraph (D), the exempt” and inserting “subparagraphs (D) and (F), the exempt”; and
by striking “such subparagraph” and inserting “subparagraph (D)”.
Social Security Trust Funds Held Harmless— There are authorized to be appropriated to the Federal Old-Age and Survivors Insurance Trust Fund amounts equal to the increase in expenditures from such Trust Fund as a result of the amendments made by this Act.