GRACE for Military Survivors Act

This bill changes federal tax law on military death benefits, such as the death gratuity and Servicemembers' Group Life Insurance payments, that survivors deposit into Roth IRAs or Coverdell education savings accounts. Currently, survivors have 1 year after receiving these payments to make such contributions. The bill extends that period to 3 years. For payments received from October 7, 2001, until the bill becomes law, survivors could contribute until the later of 3 years after receiving the payment or 1 year after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• Mike Thompson Democrat sponsor
• 103 cosponsors