US House Shows Appreciation For Nation's Military with Tax Fairness
Washington D.C. – As a salute to the brave men and women who volunteer to serve in our nation's military, Oklahoma's Tom Cole, a cosponsor of the measure, hailed the overwhelming passage of the Armed Forces Tax Fairness Act of 2003 (H.R. 1307) in the U.S. House of Representatives today.
"The ongoing war on terrorism has reminded us all of the tremendous sacrifices made by those who volunteer to serve in our nation's military. At the same time we ask these brave men and women to stand in defense of our freedom and security, we should not leave their families with additional tax obligations that would add to their many concerns," said Congressman Cole.
H.R. 1307 makes important changes to several sections of the tax code impacting members of the Armed Forces. It excludes time deployed away from their principle residence when claiming the $250,000 capital gain exclusion on home sales available to all other homeowners. The bill extends filing and payment deadlines for personnel deployed in support of military contingency operations. It also provides tax-free treatment of Dependent Care Benefits, Homeowner's Assistance Program payments, and Death Gratuity Benefits provided to military families.
The measure also provides a $500 above-the-line deduction of non-reimbursable expenses incurred by reservists and makes it easier for veteran's organizations to qualify for tax-exempt status.
"These small but important changes to the tax code are part of a larger effort in the Congress to improve pay and benefits for our military families. We want them all to know that the nation values their service and will stand behind their families throughout these challenging times," said Cole.