H.R. 6082

To amend the Internal Revenue Code of 1986 to allow an exemption from tax for individuals with gross income of not more than $50,000.

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I

111th CONGRESS

2d Session

H. R. 6082

IN THE HOUSE OF REPRESENTATIVES

August 10, 2010

Mr. Stupak (for himself and Mr. Kagen) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to allow an exemption from tax for individuals with gross income of not more than $50,000.

1.

$50,000 exemption for certain individuals over age 65

(a)

In general

Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 140 the following new section:

139E.

$50,000 exemption for individuals over age 65

(a)

In general

Gross income of an eligible individual shall be treated as zero for purposes of this chapter.

(b)

Eligible individual

For purposes of this section, the term eligible individual means any individual—

(1)

who (and if married, such taxpayer’s spouse) has attained the age of 65, and

(2)

whose gross income (determined without regard to this section) is not more than $50,000.

.

(b)

Conforming amendment

The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting before the item relating to section 140 the following new item:

Sec. 139E. $50,000 exemption for individuals over age 65.

.

(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.