S. 540 (IS) - Reserve Component Tax Assistance Act of 2001 - BILLS-107s540is | Content Details

S. 540 (IS) - Reserve Component Tax Assistance Act of 2001

Action: Mr. DeWine (for himself, Mr. Warner, Mr. Levin, Mr. McCain, Mr. Lieberman, Mr. Helms, Mr. Miller, Mr. Hutchinson, Mr. Cleland, Mr. Inhofe, Ms. Landrieu, Mr. Allard, Mr. Allen, Mr. Cochran, Ms. Collins, Mr. Durbin, Mrs. Hutchison, Mr. Inouye, Mr. Johnson, Mr. Shelby, Mr. Smith of New Hampshire, Mr. Thurmond, Mr. Voinovich, Mr. Sessions, and Mr. Lott) introduced the following bill; which was read twice and referred to the Committee on Finance

Full Title: To amend the Internal Revenue Code of 1986 to allow as a deduction in determining adjusted gross income the deduction for expenses in connection with services as a member of a reserve component of the Armed Forces of the United States, to allow employers a credit against income tax with respect to employees who participate in the military reserve components, and to allow a comparable credit for participating reserve component self-employed individuals, and for other purposes.

Cosponsors: John Warner (VA); Carl Levin (MI); John McCain (AZ); Joseph I. Lieberman (CT); Jesse Helms (NC); Zell Miller (GA); Tim Hutchinson (AR); Max Cleland (GA); James M. Inhofe (OK); Mary L. Landrieu (LA); Wayne Allard (CO); George Allen (VA); Thad Cochran (MS); Susan M. Collins (ME); Richard J. Durbin (IL); Kay Bailey Hutchison (TX); Daniel K. Inouye (HI); Tim Johnson (SD); Richard C. Shelby (AL); Bob Smith (NH); Strom Thurmond (SC); George V. Voinovich (OH); Jeff Sessions (AL); Trent Lott (MS)

United States Code References: 10 U.S.C. 101, 10101 and 10142
37 U.S.C. 101(21)
38 U.S.C. 4323