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Reserve Component Tax Assistance Act of 2001
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.
Read the Full Bill
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
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
62Democrat Cosponsors
30Republican Cosponsors
32Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 540
Primary Policy Focus
TaxationPotential 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
Comments
Sponsors and Cosponsors of S 540
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