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S 803 108th Congress Senate

Mobilized Reserve Savings Account Act

Official title: A bill to amend the Internal Revenue Code of 1986 to allow a deduction to members of the Armed Forces reserves for contributions to savings accounts which may … Show full official titleShow less

Official title: A bill to amend the Internal Revenue Code of 1986 to allow a deduction to members of the Armed Forces reserves for contributions to savings accounts which may be used when the members are called to active duty.

Introduced: April 7, 2003 See on congress.gov
Taxation Armed Forces and National SecurityArmed forces reservesFinance and Financial SectorFinancial statements
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Income taxSaving and investmentTax deductionsTax exemptionTax ratesTrusts and trustees
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This bill died when the 108th Congress ended
It never became law before the 108th Congress (2003–2004) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 7, 2003
Read twice and referred to the Committee on Finance.
Apr 7, 2003
Introduced in Senate
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 Latest action April 7, 2003

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service
Mobilized Reserve Savings Account Act - Amends the Internal Revenue Code to allow a qualified armed forces reservist to deduct annual contributions to an Armed Forces reserve savings account (as defined by this Act). Limits annual contributions to the lesser of $5,000, or $25,000 reduced by previous contributions to such accounts.

Treats account distributions from deductible contributions as taxable income. Provides an additional ten percent tax unless the distribution is made: (1) while the account holder is serving on active duty (including the 60-day period immediately preceding or following such period); or (2) after the account holder ceases to be a member of a reserve component or is transferred to such component's retired list.

Exempts an Armed Forces reserve savings account from taxation unless such account has ceased to be an Armed Forces reserve savings account due to a prohibited transaction by a contributor or a person for whose benefit such account was established.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Collins, Susan M.
Maine · Apr 7, 2003
Cite this page click to expand
APA
U.S. Congress. (2026). S. 803: Mobilized Reserve Savings Account Act. 108th Congress. Open America. https://openamerica.io/bill/108-S-803/
MLA
"S. 803: Mobilized Reserve Savings Account Act." 108th Congress, 2026, Open America, https://openamerica.io/bill/108-S-803/.
Bluebook (legal)
S. 803, 108th Cong. (2026), https://openamerica.io/bill/108-S-803/.
Markdown link
[S. 803: Mobilized Reserve Savings Account Act](https://openamerica.io/bill/108-S-803/)
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