Public Pension Parity Act of 1987

Public Pension Parity Act of 1987 - Amends the Internal Revenue Code to exclude from gross income amounts received under a government pension that are not attributable to services covered under the social security system. Limits the amount of such exclusion to the amount of maximum excludable social security benefits reduced by the social security benefits received during the taxable year which were excluded from gross income.

Defines the "maximum excludable social security benefit" as the individual benefit an individual could receive if fully covered by the Social Security Program, one and one-half times such amount for joint returns, or three-fourths such amount for married individuals filing separately.