 |
| Wilson Supports Fallen Patriots Tax Relief Act |
October 29, 2003 |
| |
| Washington, DC - Congresswoman Heather Wilson voted for the Fallen Patriots Tax Relief Act, which doubles the military death gratuity and restores its tax exempt status. The measure was approved late Tuesday by the U.S. House of Representatives.
“This action restores the historic tax exemption on these funds for the surviving family of service men and women who died for our country,” Wilson said. “No dollar amount can never begin to repay the sacrifice of a soldier or ease the loss of a loved one, but the payment is an important statement of our nation’s gratitude.”
Currently, only the first $3,000 of the $6,000 payment is excluded from being taxed as part of the recipient’s gross income. This legislation doubles that amount to $12,000, removes the taxes on the entire amount and ensures that families who have lost loved ones in the service over the past two years of the War on Terrorism also receive the same benefit.
Summary:
The bill, which was introduced last week and considered rapidly by the House, will:
• Raise the amount of the military death gratuity from $6,000 to $12,000.
• Back-date the change to September 11, 2001
• Reinstate the full tax-exempt status of these payments.
-- End -- |
|
|
|