Washington (Dec. 19, 2002) -- A provision in the 2001 tax relief act which excludes Holocaust restitution payments from federal income tax was written permanently into law this week.
President Bush signed into law the Holocaust Restitution Tax Fairness Act of 2002, which makes permanent a provision exempting Holocaust victims from paying any taxes on reparation payments.
The measure repeals a 2010 sunset on the exclusion from federal tax received by Holocaust victims under the Economic Growth and Tax Relief Reconciliation Act of 2001. Without the repeal, the victims’ compensation would be taxed starting in 2010.
-- Electronic Accountant Newswire staff
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access