RETIREMENT INCOME CREDIT OF CERTAIN MARRIED INDIVIDUALS.

SEC. 202. RETIREMENT INCOME CREDIT OF CERTAIN MARRIED INDIVIDUALS. (a) Determination of Retirement Income.—Section 37 (relating to retirement income) is amended by redesignating subsection (i) as subsection (j) and by inserting after subsection (h) the following new subsection: “(i) Special Rules for Certain Married Couples.— “(1) Election.—A husband and wife who make a joint return for the taxable year and both of whom have attained the age of 65 before the close of the taxable year may elect (at such time and in such manner as the Secretary or his delegate by regulations prescribes) to determine the amount of the credit allowed by subsection (a) by applying the provisions of paragraph (2). “(2) Special rules.—If an election is made under paragraph (1) for the taxable year, for purposes of subsection (a)— “(A) if either spouse is an individual who has received earned income within the meaning of subsection (b), the other spouse shall be considered to be an individual who has received earned income within the meaning of such subsection; and “(B) subsection (d) shall be considered as providing that the amount of the combined retirement income of both spouses shall not exceed $2,286, less the sum of the amounts specified in paragraphs (1) and (2) of subsection (d) for each spouse.” (b) Effective Date.—The amendments made by subsection (a) shall apply to taxable years beginning after December 31, 1963.