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Technical Explanation of H.R. 1308, the "All-American Tax Relief Act of 2003," as Scheduled for Consideration by the House of Representatives

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Technical Explanation of H.R. 1308, the "All-American Tax Relief Act of 2003," as Scheduled for Consideration by the House of Representatives

by United States Congress Joint

About this title: OCLC Number: 54513492 Excerpt: ...D. Exclusion for Amounts Received Under Department of Defense Homeowners Assistance Program ( sec. 203 of the bill and sec. 132 of the Code ) Present Law Homeowners Assistance Program payment The Department of Defense Homeowners Assistance Program ( " HAP " ) provides payments to certain employees and members of the Armed Forces to offset the adverse effects on 5 housing values that result from a military base realignment or closure. In general, under HAP, eligible individuals receive either: ( 1 ) a cash payment as compensation for losses that may be or have been sustained in a private sale, in an amount not to exceed the difference between ( a ) 95 percent of the fair market value of their property prior to public announcement of intention to close all or part of the military base or installation and ( b ) the fair market value of such property at the time of the sale; or ( 2 ) as the purchase price for their property, an amount not to exceed 90 percent of the prior fair market value as determined by the Secretary of Defense, or the amount of the outstanding mortgages. Tax treatment Unless specifically excluded, gross income for Federal income tax purposes includes all income from whatever source derived. Amounts received under HAP are received in connection with the performance of services. These amounts are includible in gross income as compensation for services to the extent such payments exceed the fair market value of the property relinquished in exchange for such payments. Additionally, such payments are wages for Federal Insurance Contributions Act ( " FICA " ) tax purposes ( including Medicare ). Explanation of Provision The bill generally exempts from gross income amounts received under the HAP ( as in effect on the date of enactment of this bill ). Amounts received under the program also are not considered wages for FICA tax purposes ( including Medicare ). The excludable amount is limited to the reduction in the...

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