House passes military tax relief bill

Wrapping up its protracted wrangling over the "Armed Forces Tax Fairness Act," the House today passed a clean version of the legislation by a unanimous vote of 422-0.

The bill (H.R. 1307) would restore the tax-exempt status of death gratuity benefits and allow military families to take advantage of an existing tax provision that allows homeowners to exclude as much as $500,000 in capital gains from the sale of a principal residence.

The bill is estimated to cost $835 million over 11 years.

GOP leaders tried and failed to put the bill to a vote last week after several provisions aiding specific industries were added to the otherwise popular bill.

The bill has yet to be scheduled for a vote in the Senate.