Granger Lauds Passage of Armed Forces Tax Fairness Act - April 9, 2003
|April 9, 2003|
The families of Texas’ active duty, reservist, and National Guard military personnel will receive basic tax fairness under a bill supported by Congresswoman Kay Granger and passed by the House of Representatives. The "Armed Forces Tax Fairness Act" makes several commonsense changes to ease the tax burden on military families.
"Our soldiers, sailors, airmen, and marines should not be treated unfairly by the tax code as a result of their decision to serve our county," Granger said. "This bill will make it easier for members of the armed services to achieve financial security for their families while they fight for the security of all Americans."
The Armed Forces Tax Fairness Act enacts several reforms to provide tax relief for servicemen and women. It extends deadlines for filing tax returns or making tax payments for individuals who become involved in military operations against an enemy of the United States. It relaxes rules on treatment of capital gains on the sale of a home by military personnel and raises the amount reservists can deduct for travel expenses. Finally, it allows military families to receive the entire $6,000 soldiers death gratuity benefit tax-free.
Currently, only half the benefit is tax-free. The legislation, H.R. 1664, also extends benefits to the families of the victims of the space shuttle Columbia tragedy. It now goes to the Senate for approval before being sent to the President for signature.