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| Military Tax Break Bill Remains Stalled WASHINGTON -- Legislation which would provide tax breaks for military men and women remains stalled in Congress, even though President Bush last week declared an end to major combat in Iraq, The Associated Press reported Monday. Sen. John McCain, R-Ariz., plans to block the legislation in the Senate until tax writers give more military personnel a capital gains tax break when they sell their homes, said an aide speaking on condition of anonymity. Lawmakers agree that soldiers deployed away from home cannot easily meet residency requirements that give all homeowners a capital gains break when they sell their houses. McCain wants to loosen that requirement for military personnel who are deployed 50 miles or more from home. The bill currently covers personnel sent more than 150 miles away. McCain believes the 150-mile rule forces soldiers to commute long distances or risk paying capital gains when they sell their homes, the aide said. In addition to capital gains tax breaks, the bill makes tax-free the $6,000 funeral benefit paid to families of soldiers killed in action. It also would allow reservists to recoup some travel expenses. For more related information, visit the new NYSSCPA Military Assistance page. -- NYSSCPA.org News Staff Posted on 05/5/03 |
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