The Heroes Earnings Assistance and Relief Act of 2008 (the Heart Act)

Michael Twomey, CPA

On June 17, 2008 The Heroes Earnings Assistance and Relief Tax Act of 2008 (the Heart Act) was signed into law to provide tax benefits and incentives for military personnel and assistance to veterans. Section 301 of this act included a revenue raising provision that created a new “exit tax” on expatriating citizens and long-term residents of the U.S. who expatriate after June 16, 2008.