[Congressional Record (Bound Edition), Volume 152 (2006), Part 6]
[House]
[Page 7351]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              THE HERO ACT

  (Ms. FOXX asked and was given permission to address the House for 1 
minute and to revise and extend her remarks.)
  Ms. FOXX. Mr. Speaker, I rise today in strong support of H.R. 1499, 
the Heroes Earned Retirement Opportunities Act. I introduced this bill 
after learning our current Tax Code prohibits many of our men and women 
serving in combat zones from taking advantage of individual retirement 
accounts.
  Most of our troops serving in these combat zones are paid in wages 
designated as military hazard pay. These wages are not taxed, nor 
should they be. However, since this compensation is nontaxable, the 
wages are not eligible for IRA contributions. IRAs are an excellent 
tool for responsible retirement savings.
  Our troops defending America in harm's way should not be excluded 
from full participation in this important investment opportunity 
because of a glitch in our Tax Code.
  The HERO Act will correct this glitch by designating combat hazard 
pay earned by members of the Armed Forces as eligible for contribution 
to retirement accounts. This bill has been endorsed by the Reserve 
Officers Association and the MOAA.
  I encourage my colleagues to support this important bill this 
afternoon and give our troops the opportunity they deserve to save for 
their future.

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