An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes.

(Measure passed Senate, amended)

Provides, under the Internal Revenue Code, that a life insurance company may disregard a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year.

Provides that this Act shall not affect the tax treatment of the receipt of the distribution by any shareholder, and the basis to a shareholder of his stock in the taxpayer shall not be increased by reason of amounts returned under this Act.

Extends through September 1, 1976, the existing withholding tax rates.

Amends the Social Security Act to provide that Supplemental Security Income recipients who leave their households because of a major disaster will not have their benefits reduced by one-third.

Excludes from countable income under the Supplemental Security Income program assistance received under the Disaster Relief Act of 1974 or other assistance under a major disaster declared by the President.