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S 540 107th Congress Senate

Reserve Component Tax Assistance Act of 2001

Official title: A bill to amend the Internal Revenue Code of 1986 to allow as a deduction in determining adjusted gross income the deduction for expenses in connection with se… Show full official titleShow less

Official title: A bill to amend the Internal Revenue Code of 1986 to allow as a deduction in determining adjusted gross income the deduction for expenses in connection with services as a member of a reserve component of the Armed Forces of the United States, to allow employers a credit against income tax with respect to employees who participate in the military reserve components, and to allow a comparable credit for participating reserve component self-employed individuals, and for other purposes.

Introduced: March 15, 2001 See on congress.gov
Taxation Armed Forces and National SecurityArmed forces reservesCommerceCosts
More subjectsShow fewer subjects
Employment tax creditsExpense accountsIncome taxLabor and EmploymentPersonal income taxSelf-employedTax deductions
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 15, 2001
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2390-2392)
Mar 15, 2001
Sponsor introductory remarks on measure. (CR S2390)
Mar 15, 2001
Introduced in Senate
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 Latest action March 15, 2001

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2390-2392)

 Plain-English summary Congressional Research Service
Reserve Component Tax Assistance Act of 2001 - Amends the Internal Revenue Code to allow as a business or trade deduction the expenses of a member of the reserve component of the U.S. armed forces in connection with such service. Makes such deduction available to itemizers and non-itemizers.

Establishes related reserve component business-related employment and self-employment credits.

 Related & companion bills 1
  • HR 3756 Identical bill Reserve Component Tax Assistance Act of 2002
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 7
All 7 Democratic 4 Republican 3
R
Crapo, Mike
Idaho · Mar 21, 2002
 D
Schumer, Charles E.
New York · Feb 7, 2002
 D
Cantwell, Maria
Washington · Dec 20, 2001
 D
Murray, Patty
Washington · Nov 27, 2001
 R
McConnell, Mitch
Kentucky · Sep 19, 2001
 R
Collins, Susan M.
Maine · Mar 15, 2001
 D
Durbin, Richard J.
Illinois · Mar 15, 2001
Cite this page click to expand
APA
U.S. Congress. (2026). S. 540: Reserve Component Tax Assistance Act of 2001. 107th Congress. Open America. https://openamerica.io/bill/107-S-540/
MLA
"S. 540: Reserve Component Tax Assistance Act of 2001." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-S-540/.
Bluebook (legal)
S. 540, 107th Cong. (2026), https://openamerica.io/bill/107-S-540/.
Markdown link
[S. 540: Reserve Component Tax Assistance Act of 2001](https://openamerica.io/bill/107-S-540/)
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