H. R. 1499
IN THE HOUSE OF REPRESENTATIVES
April 6, 2005
Ms. Foxx introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to allow a deduction to members of the Armed Forces serving in a combat zone for 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.
This Act may be cited as the
Heroes Earned Retirement Opportunities Act.
Combat zone compensation taken into account for purposes of determining limitation and deductibility of contributions to individual retirement plans
Subsection (b) of section 219 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
Special rule for compensation earned by members of the Armed Forces for service in a combat zone
For purposes of paragraph (1)(B), gross income shall be determined without regard to section 112.
The amendment made by this section shall apply to taxable years beginning after December 31, 2004.