Bill 119 HR 823, also known as the Servicemember Tax Exemption Act, aims to amend the Internal Revenue Code of 1986 to provide an exemption from income tax for members of the military. This bill specifically targets servicemembers, including those in the Army, Navy, Air Force, Marine Corps, and Coast Guard.
The proposed legislation seeks to alleviate the financial burden on servicemembers by exempting their income from federal income tax. This exemption would apply to all forms of income earned by servicemembers, including basic pay, bonuses, and allowances.
The bill recognizes the sacrifices made by servicemembers and aims to provide them with additional financial support. By exempting their income from taxation, servicemembers would have more disposable income to support themselves and their families.
Overall, Bill 119 HR 823 seeks to show appreciation for the dedication and service of our military personnel by providing them with a tax exemption that recognizes their unique contributions to our country.