| Summary of P.L. 110-245, the Heroes Earnings
Assistance and Relief Tax Act of 2008
On May 22, 2008, the Senate passed by unanimous consent H.R. 6081, the Heroes Earnings Assistance and Relief Tax Act of 2008. The House passed H.R. 6081 May 20 by a vote of 403-0. President Bush signed the legislation into law on June 17, 2008.
As a BNA subscriber, you have access to BNA Tax Management staff’s summary and analysis on the details of the HEART Act including:
TITLE I—BENEFITS FOR MILITARY
Recovery Rebate Provided for Military Families
[Act §101; Code §6428]
Modification of Qualified Mortgage Bond Program Rules for Veterans
[Act §103; Code §143]
Survivor and Disability Payments with Respect to Qualified Military Service
[Act §104; Code §§401, 403, 404, 414, 457]
Extension of the Statute of Limitations to File Claims for Refunds Relating to Disability Determinations by the Department of Veterans Affairs
[Act §106; Code §6511]
Distributions from Retirement Plans to Individuals Called to Active Duty
[Act §107; Code §72]
Contributions of Military Death Gratuities to Roth IRAs and Education Savings Accounts
[Act §109; Code §§408A, 530]
Exclusion of Certain State Payments to Military Personnel
[Act §112; Code §134]
Exclusion of Gain on Sale of a Principal Residence by Certain Employees of the Intelligence Community
[Act §113; Code §121]
Special Disposition Rules for Unused Benefits in Health Flexible Spending Arrangements of Individuals Called to Active Duty
[Act §114; Code §125]
…and more.
TITLE III—REVENUE PROVISIONS
Revision of Tax Rules on Expatriation
[Act §301; Code §§877A (new), 2801 (new)]
Certain Domestically Controlled Foreign Persons Performing Services Under Contract with United States Government Treated as American Employers
[Act §302; Code §3121]
Minimum Failure to File Penalty
[Act §303; Code §6651]
…and more.
TITLE IV—PARITY IN THE APPLICATION OF CERTAIN LIMITS TO MENTAL HEALTH BENEFITS
Extension of Parity in the Application of Certain Limits to Mental Health Benefits
[Act §401; Code §9812; ERISA §712; PHSA §2705]
…and more.
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