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H.R. 1499 (109th): Heroes Earned Retirement Opportunities Act

The text of the bill below is as of May 23, 2005 (Passed the House).


HR 1499 EH

109th CONGRESS

1st Session

H. R. 1499

AN ACT

To amend the Internal Revenue Code of 1986 to allow members of the Armed Forces serving in a combat zone to make contributions to their individual retirement plans even if the compensation on which such contribution is based is excluded from gross income, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the `Heroes Earned Retirement Opportunities Act'.

SEC. 2. COMBAT ZONE COMPENSATION TAKEN INTO ACCOUNT FOR PURPOSES OF DETERMINING LIMITATION AND DEDUCTIBILITY OF CONTRIBUTIONS TO INDIVIDUAL RETIREMENT PLANS.

    (a) In General- Subsection (f) of section 219 of the Internal Revenue Code of 1986 is amended by redesignating paragraph (7) as paragraph (8) and by inserting after paragraph (6) the following new paragraph:

      `(7) SPECIAL RULE FOR COMPENSATION EARNED BY MEMBERS OF THE ARMED FORCES FOR SERVICE IN A COMBAT ZONE- For purposes of subsections (b)(1)(B) and (c), the amount of compensation includible in an individual's gross income shall be determined without regard to section 112.'.

    (b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2004.

Passed the House of Representatives May 23, 2005.

Attest:

Clerk.