Washington (Sept. 16, 2002) -- Members of the military may have a lot to be thankful for this year – the Senate Finance Committee voted this week to approve a bill which would restore provide broad tax relief for taxpayers in the armed services.
Among the provisions of the Armed Forces Tax Fairness Bill of 2002 (HR 5063) are provisions to address inequities in the capital gains tax exclusion for home sales by military personnel, extend the tax-filing period for military personnel working in contingency operations, offer an above-the-line deduction for overnight travel costs for members of the National Guard and Reserve, and exclude from income children care benefits provided to military families.
Sen. Charles e. Grassley, R-Iowa, urged action on the bill, following the House’s lead in approving a similar package on July 9.
"The full Senate should pass the bill before the session ends this fall," Grassley said.
-- Electronic Accountant Newswire staff
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