п 96TH CONGRESS 18T SESSION S. 1554 To amend title II of the Social Security Act to provide that renewal commissions, received by a retired insurance agent from insurance policies which were sold by him before his retirement, shall not be taken into account in determining his net earnings from self-employment for purposes of the earnings test. IN THE SENATE OF THE UNITED STATES JULY 21 (legislative day, JUNE 21), 1979 Mr. DURKIN introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend title II of the Social Security Act to provide that renewal commissions, received by a retired insurance agent from insurance policies which were sold by him before his retirement, shall not be taken into account in determining his net earnings from self-employment for purposes of the earnings test. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 That section 203(f)(5)(D) of the Social Security Act is 4 amended to read as follows: 2 1 "(D) In the case of an individual who has attained the 2 age of 65 on or before the last day of the taxable year, and 3 who shows to the satisfaction of the Secretary 4 5 6 7 8 9 10 11 12 "(i) that he is receiving royalties attributable to a copyright or patent obtained before the taxable year in which he attained the age of 65, and that the property to which the copyright or patent relates was created by his own personal efforts, or “(ii) that he is receiving renewal commissions from insurance policies which were sold, in whole or in part, by his own personal efforts before the taxable year in which he attained the age of 65, 13 there shall be excluded from gross income any such royalties 14 or commissions." 15 SEC. 2. The amendment made by the first section of this 16 Act shall apply with respect to taxable years beginning Janu17 ary 1, 1978. II 96TH CONGRESS 1ST SESSION S. 2034 To amend title II of the Social Security Act so as to modify the criteria respecting certain self-employment income for purposes of the social security retirement test. IN THE SENATE OF THE UNITED STATES NOVEMBER 20 (legislative day, NOVEMBER 15), 1979 Mr. DURENBERGER introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend title II of the Social Security Act so as to modify the criteria respecting certain self-employment income for purposes of the social security retirement test. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 That section 203(f)(5) of the Social Security Act is 4 amended by amending subparagraph (D) to read as follows: "(D) In the case of an individual who has attained 5 6 the age of 65 on or before the last day of the taxable 7 year, and who shows to the satisfaction of the Secre 1 2 3 4 5 6 7 8 9 10 11 12 2 "(i) that he is receiving royalties attributable to a copyright or patent obtained before the tax able year in which he attained the age of 65, and that the property to which the copyright or patent relates was created by his own personal efforts, or "(ii) that he is receiving renewal commissions from insurance policies which were sold, in whole or in part, by his own personal efforts be fore the taxable year in which he attained the age of 65, there shall be excluded from gross income any such royalties or commissions.". SEC. 2. The amendment made by the first section of this 13 Act shall apply with respect to taxable years beginning 14 January 1, 1978. 15 SEC. 3. To add a new subparagraph (E) to read as 16 follows: "(E) For purposes of this subsection, there shall be excluded from the gross income of any individual any amount received by him during any taxable year which ends after December 31, 1977, if— "(i) such amount constitutes net earning from self-employment of such individual derived from his engagement in a trade or business which, if such trade or business were carried on exclusively by employees, the major portion of the services 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 3 involved in the carrying out of such trade or busi ness would constitute agricultural labor as defined in section 210(f), "(ii) such amount is derived from the sale of agricultural or horticultural commodities (including livestock, bees, poultry, and fur-bearing animals and wildlife) produced prior to such taxable year in such trade or business, “(iii) during such taxable year such individual did not render any substantial services (as determined pursuant to methods and criteria which the Secretary shall by regulations prescribe) with respect to any trade or business described in clause (i), and "(iv) no amount has been excluded from such individual's gross income pursuant to this subparagraph (E), for any preceding taxable year.". O |