Armed Forces Tax Fairness Act of 2002

1/16/2023, 5:17 AM

Congressional Summary of HR 5557

Armed Forces Tax Fairness Act of 2002 - Amends the Internal Revenue Code (the Code) to suspend, for members of the uniformed services or of the Foreign Service serving on "qualified official extended duty" (any extended duty while serving at a duty station which is at least 150 miles from the principal residence or while residing under Government orders in Government quarters), the five-year period utilized in determining exclusion of gain from the sale of such residence. Limits the extension of such period to not more than five years.

Restores in full the tax-exempt status of death gratuity payments to members of the armed services.

Excludes from gross income any fringe benefit qualifying as a "qualified military base realignment and closure fringe."

Expands the applicability of rules concerning time for the performance of certain acts under the Code (filing, payment, and etc.) which may be postponed because of service in a combat zone to include service away from a service member's permanent duty station while participating in an operation designated by the Secretary of Defense as a contingency operation.

Permits ancestors and lineal descendants of past or present members of the armed forces to be taken into account in determining whether a veterans' organization is exempt from tax.

Includes dependent care assistance within the definition of a qualified military benefit which shall be excluded from gross income, thus excluding such assistance from gross income for uniformed service members and former members.

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Current Status of Bill HR 5557

Bill HR 5557 is currently in the status of Bill Introduced since October 7, 2002. Bill HR 5557 was introduced during Congress 107 and was introduced to the House on October 7, 2002.  Bill HR 5557's most recent activity was Message on Senate action sent to the House. as of November 15, 2002

Bipartisan Support of Bill HR 5557

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 5557

Primary Policy Focus

Taxation

Potential Impact Areas

Administrative remediesAgriculture and FoodArmed Forces and National SecurityArmed forces abroadArmed forces reservesCapital gains taxConsumer creditCrime and Law EnforcementDay careDepartment of the TreasuryEconomics and Public FinanceEducationEducation savings accountsFamiliesFederal employeesForeign serviceFringe benefitsGovernment Operations and PoliticsGovernment trust fundsHigher educationHome ownershipHousing and Community DevelopmentHousing financeHousing subsidiesIncome taxInternational AffairsJudicial review of administrative actsLabor and EmploymentLawMilitary base closuresMilitary base conversionMilitary dependentsMilitary educationMilitary operationsMilitary payMilitary pensionsMilitary personnelMilitary trainingNational GuardOld age, survivors and disability insurancePersonal income taxService academiesSocial WelfareSocial security financeSurvivors' benefitsTax administrationTax deductionsTax exclusionTax exemptionTax penaltiesTax rebatesTax refundsTax returnsTax-exempt organizationsTerrorismTransportation and Public WorksTravel costsUser chargesVeterans' organizations

Alternate Title(s) of Bill HR 5557

Armed Forces Tax Fairness Act of 2002To amend the Internal Revenue Code of 1986 to provide a special rule for members of the uniformed services and Foreign Service in determining the exclusion of gain from the sale of a principal residence and to restore the tax exempt status of death gratuity payments to members of the uniformed services, and for other purposes.Armed Forces Tax Fairness Act of 2002Armed Forces Tax Fairness Act of 2002Armed Forces Tax Fairness Act of 2002
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Comments

Sponsors and Cosponsors of HR 5557

R
William M. Thomas
California(Independent)

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