Courtesy American Forces Press Service
WASHINGTON, May 31, 2006 - An act signed into law May 29 by President Bush
solves a conflict in the tax code by allowing servicemembers who serve in a
combat zone to still contribute to their individual retirement accounts, a
Defense Department official said here today.
The Heroes Earned Retirement Opportunities Act amends the Internal Revenue
Code to allow servicemembers to include tax-exempt combat zone pay in
determining the allowable income tax deduction for contributions to retirement
savings plans.
Treasury and IRS Provide Guidance for Energy Credits for Homeowners
A recent tax law change provides a tax credit to improve the energy efficiency
of existing homes.