Senate OKs Tax Breaks for Troops

WASHINGTON -- Legislation to ease tax burdens for military personnel and their families won unanimous Senate support Thursday, with senators determined to show their gratitude to the service men and women risking their lives in Iraq, The Associated Press reported.

“One of the best ways we can support our troops is to do everything we can to assure that they and their families are taken care of,'' said Sen. Max Baucus of Montana, top Democrat on the Senate Finance Committee.

The legislation, passed 97-0, excludes military death benefits from taxable income, allows reservists and National Guard to deduct travel expenses related to their service, and assures that service members forced to make frequent moves won't be subject to capital gains taxes on the sales of their homes.

The military tax relief legislation, while non-controversial, stalled in the last session of Congress when it was linked to other tax legislation. It gained new momentum when war began with Iraq.

Click here for more information on military related assistance.

-- NYSSCPA.org News Staff

Posted on 03/27/03