Volunteer Military Incentive Tax Act of 1979

Summary

Volunteer Military Incentive Tax Act of 1979 - Amends the Internal Revenue Code to allow certain individuals who enlist in the Armed Forces of the United States a non-refundable income tax credit for a certain percentage of their taxable income. Allows a five percent credit for individuals who first enlist in the Armed Forces after May 15, 1979, serve on active duty for a continuous period of at least two years, and receive an honorable discharge. Allows a ten percent credit for individuals who serve for a continuous period of more than four years. Excludes service in a reserve component of the Armed Forces from consideration for the credit. Permits an individual who reenlists in the Armed Forces to claim a credit for enlistment if such individual's prior enlistment ended five years before the date of his or her present enlistment and such individual received an honorable discharge for each prior enlistment.

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1 official file

• Introduced in House

  summary · EN · 14 May 1979

  Open at official source

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