BAUCUS, GRASSLEY MILITARY TAX RELIEF PACKAGE BECOMES LAW
Provisions crafted by Finance leaders will help military families save money,
boost businesses that employ reservists
Senate Finance Committee Chairman Max Baucus (D-Mont.) and
Ranking Member Chuck Grassley (R-Iowa) today hailed the signing of the Heroes Earnings Assistance and Relief Tax Act (HEART) into law. The bill will provide more than $1.2 billion dollars in tax relief to benefit America's veterans and soldiers. Baucus and Grassley worked closely with House colleagues to combine their own military tax relief bill - the Defenders of Freedom Tax Relief Act of 2007 - with an earlier version of the House's HEART Act. HEART was approved by the Senate and the House of Representatives in late May. The legislation includes tax cuts for members of the military who are receiving combat pay, saving for retirement, or purchasing their own
homes. It also helps civilian employers of military men and women keep jobs available for soldiers who are called to active duty.
"I worked to get this bill to the President's desk because tax relief for America's military men and women is the right thing to do," said Baucus. "This bill helps our fighting forces and our veterans purchase their own homes, save for their retirements, and put their kids through college. It helps businesses keep reservists on the payroll while they are overseas. This new law provides timely and appropriate tax relief to those who sacrifice for our freedom."
"Military service makes taxes complicated and sometimes unfair," Grassley said. "People shouldn't suffer a tax hit to serve our country. We need to make sure military men and women have fair treatment under the tax code. It's a no-brainer."
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