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Week Ending May 27, 2005

HR 1499 to allow a deduction to members of the Armed Forces serving in a combat zone for contributions to their individual retirement plans even if the compensation on which such contribution is based is excluded from gross income, and for other purposes.

 

BRIEF

  An increase in pay to military serving in combat is not considered gross income and so can not be used to calculate contributions to the soldier’s IRA. This bill changes the tax code to allow that income to be calculated in the formula.

Sponsor: Representative Virginia Foxx (R-NC-5^th)

Vote: Passed House by voice vote (May 23, 2005)

Cost to the taxpayers: No discernible cost.

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