Washington, D.C. - Yesterday afternoon, the President signed into law the H.R. 6081 Heroes Earnings Assistance and Relief Tax (HEART) Act of 2008 which provides tax benefits and increases Supplemental Security Income benefits for veterans, active duty servicemen and first responders.  The HEART Act included two provisions Representative Thomas M. Reynolds introduced -- the Blind Veterans Fairness Act and the Guardsmen and Reservists' Tax Fairness Act.

            "The HEART Act will give our servicemen and women and their families much deserved tax relief and economic security," said Reynolds.  "This legislation will honor their service by giving them and their families much deserved financial certainty and peace of mind."

        The HEART Act will provide important tax benefits and relief to military families by modifying tax provisions to grant tax benefits to veterans, active duty servicemen and first responders.  Additionally, the bill provides an update of SSI benefits for blinded veterans in four states, including New York.

Specifically, the Reynolds provisions signed into law are:

The Blind Veterans Fairness Act, would correct a problem in the federal Supplemental Security Income (SSI) rules that affects blind veterans in four states -- New York, New Jersey, Pennsylvania, and Massachusetts.  These four states provide blind veterans modest annuities in recognition of the substantial sacrifice they've made in serving our country.  Regrettably, under current federal law, these state annuities actually reduce any SSI payments for which blind veterans receive. The Blind Veterans Fairness Act will fix this inequality by prohibiting consideration of state annuity payments made to blind veterans when determining SSI benefits.  The bill has been strongly endorsed by the Blinded Veterans Association 

The Guardsmen and Reservists' Tax Fairness Act, would lessen the economic hardship on Guardsmen and Reservists and their families. The Act would permanently allow Guardsmen and Reservists called to active duty to make penalty-free withdrawals from IRAs, 401(k)s, and other retirement funds.  Furthermore, members of the National Guard and Reserves would be permitted to make unlimited repayments within 2 years of leaving active duty.  This provision has attracted endorsements from leading Veterans Service Organizations, including the Military Officers Association of America, the Association of the United States Army, the Naval Reserve Association, and Enlisted Association of the National Guard of the United States.

"America owes its freedom and prosperity to our nation's veterans and current servicemen and women," concluded Reynolds.  "I am proud to have worked towards ensuring those who've sacrificed so much so that we might be free, receive the benefits they have so rightfully earned."

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