December 18, 2007

Today, the House of Representatives passed HR H.R. 3997, the Heroes Earnings Assistance and Relief Tax Act. Included within the bill are two provisions sponsored by U.S. Rep. Ed Perlmutter providing continued tax relief for Veterans.

The two provisions extend important tax relief to veterans, reservists and the men and women in the National Guard. The Military Financial Assistance Act, included within HR 3997, continues to allow reservists and National Guard personnel called to active duty to make an early withdrawal from their retirement plans without paying a 10% penalty tax. Additionally, Perlmutter’s legislation allows veterans to receive a loan financed by qualified mortgage bonds without regard to the first-time homebuyer requirement.

“This bill upholds our commitment to our veterans by extending critical tax relief,” said Perlmutter. “Our reservist and Guard personnel have given a great service to our country, and we must give back to them.”