Foreign and Armed Services Tax Fairness Act of 2002

Hozzl · 2023-01-16T03:47:56Z

Explore the details of Senate Bill 2816 Foreign and Armed Services Tax Fairness Act of 2002 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/16/2023, 3:47 AM

Congressional Summary of S 2816

Foreign and Armed Forces Tax Fairness Act of 2002 - Amends the Internal Revenue Code to: (1) restore the full exclusion from gross income of the death gratuity payment; (2) permit a suspension of residency rules governing the exclusion of gain from sale of a principal residence for members of the uniformed services or the Foreign Service serving on qualified official extended duty; (3) exclude from gross income qualified military base realignment and closure fringe benefits; (4) extend tax filing delay provisions to military personnel serving in contingency operations; (5) allow as a business or trade deduction the expenses of a member of the reserve component of the U.S. armed forces in connection with such service (available to itemizers and non-itemizers); (6) include ancestors and lineal descendants of past or present members of the armed forces when determining whether a veterans' organization is exempt from tax; and (7) fully exclude from gross income certain dependent care assistance programs sponsored by the Department of Defense.

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Current Status of Bill S 2816

Bill S 2816 is currently in the status of Bill Introduced since July 29, 2002. Bill S 2816 was introduced during Congress 107 and was introduced to the Senate on July 29, 2002. Bill S 2816's most recent activity was Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7499-7500) as of July 29, 2002

Bipartisan Support of Bill S 2816

Total Number of Sponsors

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill S 2816

Primary Policy Focus

Taxation

Potential Impact Areas

Armed Forces and National SecurityArmed forces abroadArmed forces reservesCapital gains taxDay careFamiliesForeign serviceFringe benefitsGiftsHome ownershipHousing and Community DevelopmentHousing financeIncome taxInternational AffairsLabor and EmploymentMilitary base closuresMilitary dependentsMilitary pensionsMilitary personnelMilitary trainingPersonal income taxReal estate appraisalSurvivors' benefitsTax administrationTax deductionsTax exclusionTax returnsTax-exempt organizationsVeterans' organizations

Alternate Title(s) of Bill S 2816

Foreign and Armed Services Tax Fairness Act of 2002A bill to amend the Internal Revenue Code of 1986 to improve tax equity for military personnel, and for other purposes.Foreign and Armed Services Tax Fairness Act of 2002

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