To amend the Internal Revenue Code of 1986 to allow a deduction to members of the Armed Forces serving in a combat zone for 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.
(This measure has not been amended since it was passed by the House on May 9, 2006. The summary of that version is repeated here.)
Heroes Earned Retirement Opportunities Act - Amends the Internal Revenue Code to allow members of the Armed Forces to include their combat zone compensation (otherwise excludable from gross income) in their earned income for purposes of determining their allowable tax deduction for contributions to retirement savings plans.
Makes such provisions applicable to: (1) taxable years beginning after December 31, 2003; and (2) retirement savings contributions made for any taxable year beginning after such date and ending before enactment of this Act. Waives any limitation period otherwise applicable to refund claims relating to contributions made in years prior to enactment if such claims are made before one year after such a contribution is made. Allows a three-year period after a contribution is made for the assessment of any tax deficiency relating to such contribution.
Read twice and referred to the Committee on Finance.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Finance.
Senate Committee on Finance discharged by Unanimous Consent.
Senate Committee on Finance discharged by Unanimous Consent.
Measure laid before Senate by unanimous consent. (consideration: CR S12871)
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Passed Senate with an amendment by Unanimous Consent.
Message on Senate action sent to the House.
Resolving differences -- House actions: House agreed to Senate amendment with amendment pursuant to H. Res. 803.
House agreed to Senate amendment with amendment pursuant to H. Res. 803.
Message on House action received in Senate and at desk: House amendment to Senate amendment.
Resolving differences -- Senate actions: Senate agreed to House amendment to Senate amendment by Unanimous Consent.(consideration: CR S4815-4816; text as House agreed to Senate amendment: CR S4815-4816)
Enacted as Public Law 109-227
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Senate agreed to House amendment to Senate amendment by Unanimous Consent. (consideration: CR S4815-4816; text as House agreed to Senate amendment: CR S4815-4816)
Message on Senate action sent to the House.
Cleared for White House.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 109-227.
Became Public Law No: 109-227.