A bill to amend the Internal Revenue Code of 1954 and the Social Security Act with respect to the tax treatment for retirement purposes of commissions received by certain State and local tax collectors.

Amends the Internal Revenue Code of 1954 and Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to include within the meaning of the term "fee" for the purpose of determining an individual's self-employment income, any commissions received by an individual for collecting taxes for the State or a political subdivision thereof.

Sets forth a provision under which any individual who would be affected by this Act in 1977 may make an irrevocable election not to have this Act apply in 1977 and every year thereafter.