Page:United States Statutes at Large Volume 104 Part 2.djvu/692

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104 STAT. 1388-2^4 PUBLIC LAW 101-508—NOV. 5, 1990 counted for such year, or 25 percent (in the case of a year after 1977 and before 1991) or 15 percent (in the case of a year after 1990) of the maximum amount which (pursuant to subsection (e)) could be counted for such year if. (b) RETENTION OF CURRENT AMOUNT OF WAGES NEEDED TO EARN A YEAR OF COVERAGE FOR PURPOSES OF WINDFALL EUMINATION PROVI- SION.—Section 215(a)(7)(D) (42 U.S.C. 415(a)(7)(D)) is amended— (1) in the first sentence, by striking "(as defined in paragraph (IXCXii))"; and (2) by adding at the end (after the table) the following new flush sentence: "For purposes of this subparagraph, the term 'year of coverage' shall have the meaning provided in paragraph (l)(C)(ii), except that the reference to '15 percent' therein shall be deemed to be a reference to '25 percent.". SEC. 5123. CHARGING OF EARNINGS OF CORPORATE DIRECTORS. (a) IN GENERAL.— (1) Title II is amended by moving the last undesignated 42 USC 411,403. paragraph of section 211(a) of such title (as added by section 9022(a) of the Omnibus Budget Reconciliation Act of 1987) to the end of section 203(f)(5) of such title. (2) The undesignated paragraph moved to section 203(fK5) of 42 USC 403. the Social Security Act by paragraph (1) is amended— (A) by striking "Any income of an individual which results from or is attributable to" and inserting "(E) For purposes of this section, any individual's net earnings from self-employment which result from or are attributable to", (B) by striking "the income is actually paid" and inserting "the income, on which the computation of such net earnings from self-employment is based, is actually paid"; and (C) by striking "unless it was" and inserting "unless such income was". (3) The last undesignated paragraph of section 1402(a) of the 26 USC 1402. Internal Revenue Code of 1986 (as added by section 9022(b) of the Omnibus Budget Reconciliation Act of 1987) is repealed. 42 USC 403 note. (b) EFFECTIVE DATE. —The amendments made by this section shall apply with respect to income received for services performed in taxable years beginning after December 31, 1990. SEC. 5124. COLLECTION OF EMPLOYEE SOCIAL SECURITY AND RAILROAD RETIREMENT TAXES ON TAXABLE GROUP-TERM LIFE INSUR- ANCE PROVIDED TO RETIREES. (a) SOCIAL SECURITY TAXES.—Section 3102 of the Internal Revenue 26 USC 3102. Code of 1986 (relating to deduction of tax from wages) is amended by adding at the end thereof the following new subsection: " (d) SPECIAL RULE FOR CERTAIN TAXABLE GROUP-TERM LIFE INSUR- ANCE BENEFITS.— "(1) IN GENERAL. —In the case of any payment for group-term life insurance to which this subsection applies— "(A) subsection (a) shall not apply, "(B) the employer shall separately include on the statement required under section 6051— "(i) the portion of the wages which consists of pay- ments for group-term life insurance to which this subsection applies, and