Code · BILL · 117th Congress · S. 3622 (Introduced in Senate) — To establish an AmeriCorps Administration to carry out the national and volunteer service programs, to expand partici... · Sec. 112

Sec. 112. Income tax exclusion for living allowance

116 words·~1 min read·/bill/117/s/3622/is/section-112

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Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 140 the following new section: Gross income does not include the amount of any living allowance provided under section 140 of the National and Community Service Act of 1990. . The table of sections for part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before the item relating to section 140 the following new item: Sec. 139J. Living allowance for national service participants. . The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.