[Congressional Record (Bound Edition), Volume 152 (2006), Part 7]
[Senate]
[Page 8645]
[From the U.S. Government Publishing Office, www.gpo.gov]




               HEROES EARNED RETIREMENT OPPORTUNITIES ACT

  Mr. CHAMBLISS. Mr. President, I ask that the Chair now lay before the 
Senate the House message to accompany H.R. 1499.
  The PRESIDING OFFICER laid before the Senate the following message 
from the House of Representatives:

                               H.R. 1499

       Resolved, That the House agree to the amendment of the 
     Senate to the bill (H.R. 1499) entitled ``An Act to amend the 
     Internal Revenue Code of 1986 to allow members of the Armed 
     Forces serving in a combat zone to make contributions to 
     their individual retirement plans even if the compensation on 
     which such contribution is based is excluded from gross 
     income, and for other purposes'', with the following House 
     amendment to Senate amendment:
       At the end of the Senate amendment add the following:
       On page 3, after line 3 of the House engrossed bill, insert 
     the following:
       (c) Contributions for Taxable Years Ending Before 
     Enactment.--
       (1) In general.--In the case of any taxpayer with respect 
     to whom compensation was excluded from gross income under 
     section 112 of the Internal Revenue Code of 1986 for any 
     taxable year beginning after December 31, 2003, and ending 
     before the date of the enactment of this Act, any 
     contribution to an individual retirement plan made on account 
     of such taxable year and not later than the last day of the 
     3-year period beginning on the date of the enactment of this 
     Act shall be treated, for purposes of such Code, as having 
     been made on the last day of such taxable year.
       (2) Waiver of limitations.--
       (A) Credit or refund.--If the credit or refund of any 
     overpayment of tax resulting from a contribution to which 
     paragraph (1) applies is prevented at any time by the 
     operation of any law or rule of law (including res judicata), 
     such credit or refund may nevertheless be allowed or made if 
     the claim therefor is filed before the close of the 1-year 
     period beginning on the date that such contribution is made 
     (determined without regard to paragraph (1)).
       (B) Assessment of deficiency.--The period for assessing a 
     deficiency attributable to a contribution to which paragraph 
     (1) applies shall not expire before the close of the 3-year 
     period beginning on the date that such contribution is made. 
     Such deficiency may be assessed before the expiration of such 
     3-year period notwithstanding the provisions of any other law 
     or rule of law which would otherwise prevent such assessment.
       (3) Individual retirement plan defined.--For purposes of 
     this subsection, the term ``individual retirement plan'' has 
     the meaning given such term by section 7701(a)(37) of such 
     Code.

  Mr. CHAMBLISS. Mr. President, I ask unanimous consent that the Senate 
concur in the House amendment, the motion to reconsider be laid upon 
the table, and that any statements relating to the bill be printed in 
the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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