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Victims of Terrorism Tax Relief Act of 2001.

Publication: The Tax Adviser
Publication Date: 01-MAY-02 		Format: Online - approximately 911 words
Delivery: Immediate Online Access

Article Excerpt
On Jan. 23, 2002, President Bush signed into law the Victims of Terrorism Tax Relief Act of 2001 (the Act). This Act provides both income and estate tax benefits for covered individuals. The Act extends the benefits currently offered to military personnel and government employees who die as a result of combat or terrorism abroad to all covered terrorism victims. The Act also expands the type of benefits offered.

Although certain inconsistencies in the definition of "specified terrorist victims" exist in the income and estate tax provisions, individuals covered by the Act are those who died as a result of wounds or injuries suffered because of the terrorist attacks against the U.S. on April 19, 1995 (the Oklahoma City bombing) or Sept. 11, 2001 (including the attacks on the World Trade Center and the Pentagon, and...

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