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New tax relief for military families and veterans!
Congress Passes HEART Act Giving Tax Breaks to Military Personnel
The U.S. Congress has overwhelming passed the Heroes Earnings Assistance and Relief Tax (HEART) Act of 2008 which provides tax breaks to military service personnel and their families. Some of the provisions include a tax credit for small businesses that pay a salary differential to employees called up for active duty and an exemption for reservists from the “use it or lose it” rule for unused health care flexible spending account balances.
The law would also would modify the Uniformed Services Employment and Re-employment Rights Act (USERRA) to allow the day prior to the date of a service person’s death to be treated as the date the employee returned to work for purposes of triggering payment of benefits under a qualified retirement plan. It would permit an employer to make certain contributions to a qualified pension plan on behalf of an employee who is killed or becomes disabled in combat. The law would also make permanent the special rules that permit penalty-free withdrawals from retirement plans.
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