SENATE PASSES ARMED FORCES TAX FAIRNESS ACT, CO-SPONSORED BY SENATOR SUSAN COLLINS

WASHINGTON, D.C. - Senator Collins joined her colleagues last night in passing the Armed Forces Tax Fairness Act of 2002. Senator Collins cosponsored the bill that will greatly improve the tax equity for our uniformed service personnel, including members of the National Guard and Reserve, and Foreign Service personnel.

"I am proud to demonstrate my continued support for our armed personnel who sacrifice so much for our nation's defense," stated Senator Collins. "This is a step toward greater fairness for these men and women and their families."

The Armed Forces Tax Fairness Act of 2002 will raise the exclusion for death gratuity payments for the military, provide military and foreign service homeowners with relief from capital gains taxes, impose market-to-market tax on individuals who expatriate, and extend the Internal Revenue Service user fees. In addition, it will provide individual taxpayers serving in the National Guard and Reserve with a deduction for certain overnight travel expenses while attending official duty meetings.