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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
5/29/2006--Public Law. Heroes Earned Retirement Opportunities Act - Amends the Internal Revenue Code to allow members of the Armed Forces to include their combat zone compensation (otherwise excludable from gross income) in their earned income for purposes of determining their allowable tax deduction for contributions to retirement savings plans.
Makes such provisions applicable to: (1) taxable years beginning after December 31, 2003; and (2) retirement savings contributions made for any taxable year beginning after such date and ending before enactment of this Act. Waives any limitation period otherwise applicable to refund claims relating to contributions made in years prior to enactment if such claims are made before one year after such a contribution is made. Allows a three-year period after a contribution is made for the assessment of any tax deficiency relating to such contribution.