[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2855 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 2855

To amend the Internal Revenue Code of 1986 to adjust the dollar amounts 
   used to calculate the credit for the elderly and the permanently 
                   disabled for inflation since 1985.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 15, 2008

Mr. Bingaman (for himself and Mr. Smith) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to adjust the dollar amounts 
   used to calculate the credit for the elderly and the permanently 
                   disabled for inflation since 1985.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INFLATION ADJUSTMENT FOR ELDERLY AND DISABLED CREDIT DOLLAR 
              AMOUNTS.

    (a) In General.--Section 22 of the Internal Revenue Code of 1986 
(relating to credit for the elderly and the permanently disabled) is 
amended by adding at the end the following new subsection:
    ``(g) Inflation Adjustment.--
            ``(1) In general.--In the case of any taxable year 
        beginning after 2007, each of the dollar amounts contained in 
        subsections (c) and (d) shall be increased by an amount equal 
        to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for such calendar year, by 
                substituting `1983' for `1992' in subparagraph (B) 
                thereof.
            ``(2) Rounding.--If any increase determined under 
        subparagraph (A) is not a multiple of $50, such increase shall 
        be rounded to the nearest multiple of $50.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2007.
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