amount which may be earned without loss of benefits

amount which may be earned without loss of benefits Sec. 308. (a) Section 203 (e) (2) of such Act is amended by striking out “last month” and “preceding month” wherever they appear and substituting in lieu thereof “first month” and “succeeding month”, respectively. (b) Section 203 (e) (3) (A) of such Act is amended by striking out “the term ‘last month of such taxable year’ means the latest month” and substituting in lieu thereof “the term ‘first month of such taxable year’ means the earliest month”. (c) Subsections (e) (2) (D) and (e) (3) (B) (ii) of section 203 of such Act are each amended by striking out “$80” and inserting in lieu thereof “$100”. (d) Section 203 (g) (1) of such Act is amended to read as follows: “(g) (1) (A) If an individual is entitled to any monthly insurance benefit under section 202 during any taxable year in which he has earnings or wages, as computed pursuant to paragraph (4) of subsection (e), in excess of the product of $100 times the number of months in such year, such individual (or the individual who is in receipt of such benefit on his behalf) shall make a report to the Secretary of his earnings (or wages) for such taxable year. Such report shall be made on or before the fifteenth day of the fourth month following the close of such year, and shall contain such information and be made in such manner as the Secretary may by regulations prescribe. Such report need not be made for any taxable year (i) beginning with or after the month in which such individual attained the age of 72, or (ii) if benefit payments for all months (in such taxable 72 Stat. 1034year) in which such individual is under age 72 have been suspended under the provisions of the first sentence of paragraph (3) of this subsection. “(B) If the benefit payments of an individual have been suspended for all months in any taxable year under the provisions of the first sentence of paragraph (3) of subsection (g), no benefit payment shall be made to such individual for any such month in such taxable year after the expiration of the period of three years, three months, and fifteen days following the close of such taxable year unless within such period the individual, or some other person entitled to benefits under this title on the basis of the same wages and self-employment income, files with the Secretary information showing that a benefit for such month is payable to such individual.” (e) Section 203 (l) of such Act is amended by striking out “(g)” and inserting in lieu thereof “(g) (1) (A)”. (f) The amendments made by this section shall be applicable with respect to taxable years beginning after the month in which this Act is enacted.