INCREASES IN MONTHLY EXEMPT AMOUNT FOR PURPOSES OF THE SOCIAL SECURITY EARNINGS LIMIT.

SEC. 102. INCREASES IN MONTHLY EXEMPT AMOUNT FOR PURPOSES OF THE SOCIAL SECURITY EARNINGS LIMIT. (a) Increase in Monthly Exempt Amount for Individuals Who Have Attained Retirement Age.— Section 203(f)(8)(D) of the Social Security Act (42 U.S.C. 403(f)(8)(D)) is amended to read as follows: “(D) Notwithstanding any other provision of this subsection, the exempt amount which is applicable to an individual who has attained retirement age (as defined in section 216(l)) before the close of the taxable year involved shall be— “(i) for each month of any taxable year ending after 1995 and before 1997, $1,041.66%, “(ii) for each month of any taxable year ending after 1996 and before 1998, $1,125.00, “(iii) for each month of any taxable year ending after 1997 and before 1999, $1,208.33%, “(iv) for each month of any taxable year ending after 1998 and before 2000, $1,291.66%, “(v) for each month of any taxable year ending after 1999 and before 2001, $1,416.66%, “(vi) for each month of any taxable year ending after 2000 and before 2002, $2,083.33%, and “(vii) for each month of any taxable year ending after 2001 and before 2003, $2,500.00”. (b) Conforming Amendments.— 110 STAT. 848 (1) Section 203(f)(8)(B)(ii) of such Act (42 U.S.C. 403(f)(8)(B)(ii)) is amended— (A) by striking “the taxable year ending after 1993 and before 1995” and inserting “the taxable year ending after 2001 and before 2003 (with respect to individuals described in subparagraph (D)) or the taxable year ending after 1993 and before 1995 (with respect to other individuals)”; and (B) in subclause (II), by striking “for 1992” and inserting “for 2000 (with respect to individuals described in subparagraph (D)) or 1992 (with respect to other individuals)”. (2) The second sentence of section 223(d)(4)(A) of such Act (42 U.S.C. 423(d)(4)(A)) is amended by striking “the exempt amount under section 203(f)(8) which is applicable to individuals described in subparagraph (D) thereof” and inserting the following: “an amount equal to the exempt amount which would be applicable under section 203(f)(8), to individuals described in subparagraph (D) thereof, if section 102 of the Senior Citizens’ Right to Work Act of 1996 had not been enacted”. (c) Effective Date.— The amendments made by this section shall apply with respect to taxable years ending after 1995.