H.R. 8690 - Armed Forces Deferred Tax Relief Act
H.R. 8690; Armed Forces Deferred Tax Relief Act
- AuthorsHastings, Rep. Alcee L.
- Institutional AuthorsU.S. House of Representatives
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2020-42388
- Tax Analysts Electronic Citation2020 TNTF 208-11
116TH CONGRESS
2D SESSION
H.R. 8690
To direct the Secretary of Defense to compensate
members of the Armed Forces for certain taxes deferred
pursuant to Internal Revenue Service Notice 2020-65.
IN THE HOUSE OF REPRESENTATIVES
OCTOBER 27, 2020
Mr. HASTINGS introduced the following bill; which
was referred to the Committee on _____
A BILL
To direct the Secretary of Defense to compensate members of the Armed Forces for certain taxes deferred pursuant to Internal Revenue Service Notice 2020-65.
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 “Armed Forces Deferred Tax Relief Act”.
SEC. 2. COMPENSATION OF MEMBERS OF THE ARMED FORCES FOR CERTAIN TAXES DEFERRED PURSUANT TO INTERNAL REVENUE SERVICE Notice 2020-65.
In the case of a member of the Armed Forces whose taxes were deferred pursuant to Internal Revenue Service Notice 2020-65, if such deferred taxes are withheld by the Secretary of Defense during the period beginning on January 1, 2021, and ending on April 30, 2021, the Secretary shall (contemporaneous with such withholding) make a payment to such member in an amount equal to the deferred tax so withheld. Any payment under this section shall be excluded from gross income of the member and exempt from taxation under any provision of Federal law.
- AuthorsHastings, Rep. Alcee L.
- Institutional AuthorsU.S. House of Representatives
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2020-42388
- Tax Analysts Electronic Citation2020 TNTF 208-11