Military Families Tax Fairness Act - Amends the Internal Revenue Code to: (1) exclude education loan repayments made by the Federal government for a member of the Armed Forces from gross income; (2) 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 (available to itemizers and non-itemizers); (3) allow a reserve component employment credit equal to 50 percent of the amount of qualified compensation, including those who are self-employed; (4) permit a suspension of residency rules governing the exclusion of gain from sale of a principal residence for members of the uniformed services, the Foreign Service, or civilian employee of the Department of Defense serving on qualified official extended duty; and (5) exclude qualified military base realignment and closure fringe benefits from gross income.
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Jul 26, 2002
Read twice and referred to the Committee on Finance.