Reserve Component Tax Assistance Act of 2001

Senate Bill 540 - Reserve Component Tax Assistance Act of 2001: Overview, Status, and Impact

Hozzl · 2023-01-17T00:48:04Z

Explore the details of Senate Bill 540 Reserve Component Tax Assistance Act of 2001 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/17/2023, 12:48 AM

Congressional Summary of S 540

Reserve Component Tax Assistance Act of 2001 - Amends the Internal Revenue Code to 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. Makes such deduction available to itemizers and non-itemizers.

Establishes related reserve component business-related employment and self-employment credits.

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Current Status of Bill S 540

Bill S 540 is currently in the status of Bill Introduced since March 15, 2001. Bill S 540 was introduced during Congress 107 and was introduced to the Senate on March 15, 2001. Bill S 540's most recent activity was Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2390-2392) as of March 15, 2001

Bipartisan Support of Bill S 540

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 540

Primary Policy Focus

Taxation

Potential Impact Areas

- Armed Forces and National Security

- Armed forces reserves

- Commerce

- Costs

- Employment tax credits

- Expense accounts

- Income tax

- Labor and Employment

- Personal income tax

- Self-employed

- Tax deductions

Alternate Title(s) of Bill S 540

Reserve Component Tax Assistance Act of 2001

A bill to amend the Internal Revenue Code of 1986 to allow as a deduction in determining adjusted gross income the deduction for expenses in connection with services as a member of a reserve component of the Armed Forces of the United States, to allow employers a credit against income tax with respect to employees who participate in the military reserve components, and to allow a comparable credit for participating reserve component self-employed individuals, and for other purposes.

Reserve Component Tax Assistance Act of 2001