President Signs Tax Bill for Military Service Members
According to an article in the Army Times, President Bush did the military a great service by signing a bill requesting a variety of tax benefits for military members as well as an extension of the benefits already in effect. The bill, titled the Heroes Earnings Assistance and Relief Tax Act of 2008 (HEART Act), positively affects every sector of the military.
Included in its pages is a provision that allows military families a $600/person stimulus rebate. This rebate is provided regardless of whether or not a spouse lacks a Social Security number. Tax benefits like these are just some of the provisions the government has provided to ensure the security of its service members.
There are many other benefits in the law, including tax credits for employers hiring Guard and Reserve members, the ability to put part or all of a surviving spouse’s death gratuity payments into a retirement plan or a tax-deferred savings account and the right of Guard and Reserve members to make withdrawals from their retirement plans with no penalties, among other benefits.
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