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| Wilson: House Passes Financial Relief for Guard and Reserves |
April 22, 2004 |
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Bill Supported by Wilson Removes Tax Penalties for Guard & Reserves during Active Duty
Washington, DC – Under a bill supported by Congresswoman Heather Wilson and approved overwhelmingly this week by the U.S. House of Representatives, Guard and Reserve troops will no longer face tax penalties while on active duty for withdrawing cash from retirement plans.
Guard and Reserve troops sometimes take pay cuts in order to serve. They have sacrificed time with families and put aside their careers. This bill offers an additional protection against financial hardship for the men and women who are putting their lives on the line for freedom.
“Some of our soldiers will undoubtedly make a tough choice to dip into their retirements to pay bills for their families, and they should not have to face the additional burden of a tax penalty,” Wilson said.
The Guardsmen and Reservists Financial Relief Act of 2003 (H.R. 1779), approved Wednesday by a vote of 415-0, ensures that Guard or Reserve members will face no additional penalties, if they have been active at least 179 days (nearly six months).
The bill is retroactive to cover those called to active service for 179 days at any time since September 11, 2001.
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