To exclude unemployment compensation received during 1992 by low-or moderate-income individuals from gross income.

Excludes unemployment compensation received during 1992 by low- or moderate-income individuals from their gross income, for Federal income tax purposes under the Internal Revenue Code.

 
HR 6120 IH
102d CONGRESS
2d Session
 H. R. 6120
To exclude unemployment compensation received during 1992 by low- or
moderate-income individuals from gross income.
IN THE HOUSE OF REPRESENTATIVES
October 3, 1992
Mr. RIDGE introduced the following bill; which was referred to the Committee
on Ways and Means
A BILL
To exclude unemployment compensation received during 1992 by low- or
moderate-income individuals from gross income.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. EXCLUSION OF UNEMPLOYMENT COMPENSATION RECEIVED DURING 1992 BY LOW-
OR MODERATE-INCOME INDIVIDUALS.
  (a) GENERAL RULE- Effective with respect to taxable years beginning in 1992--
  (1) no amount shall be included in the gross income of the taxpayer under
  section 85 of the Internal Revenue Code of 1986 unless the sum for the
  taxable year of the adjusted gross income of the taxpayer (determined
  without regard to such section 85 and sections 86 and 135 of such Code)
  and the unemployment compensation exceeds the base amount, and
  (2) if the requirements of paragraph (1) are satisfied, the amount included
  in gross income under such section 85 shall be equal to the lesser of--
  (A) one-half of the amount of the excess of the sum referred to in paragraph
  (1) over the base amount, or
  (B) the amount of the unemployment compensation.
  (b) BASE AMOUNT DEFINED- For purposes of this section, the term `base
  amount' means--
  (1) except as provided in paragraphs (2) and (3), $12,000,
  (2) $18,000, in the case of a joint return under section 6013 of such
  Code, or
  (3) zero, in the case of a taxpayer who--
  (A) is married at the close of the taxable year (within the meaning of
  section 7703 of such Code) but does not file a joint return for such
  year, and
  (B) does not live apart from his spouse at all times during the taxable year.
  (c) UNEMPLOYMENT COMPENSATION DEFINED- For purposes of this section, the
  term `unemployment compensation' means any amount received under a law
  of the United States or of a State which is in the nature of unemployment
  compensation.