H.R. 6120: Strengthening Resources for our Schools Act

This bill, known as the Strengthening Resources for our Schools Act, proposes changes to the Internal Revenue Code regarding taxation of retirement income for certain individuals employed as school resource officers. Here are the key points of the bill:

Exclusion from Gross Income

The bill states that retirement income received by individuals who have previously retired from the military or as law enforcement officers will not be counted as taxable income when they are employed as school resource officers. This means:

• If a person who is a retired military member or a former law enforcement officer takes a job as a school resource officer, any retirement income they receive while working in that role will not be added to their taxable income.
• This tax exemption applies for the duration they are employed as a school resource officer within that taxable year.

Eligibility Requirements

To qualify for this exclusion:

• The individual must have retired from the Armed Forces or as a law enforcement officer.
• They must be employed as a school resource officer and have cleared any background checks required for this position.
• They must comply with the peace officer standards as defined by state regulations.

Definition of Retirement Income

Retirement income, as referred to in the bill, includes payments from pensions, annuities, or retirement accounts linked to the individual's previous employment as described above.

Lifetime Exemption

If an individual has worked as a school resource officer for at least 10 years, they can continue to enjoy this tax exclusion for their retirement income even after leaving that position.

Information Reporting

The law enforcement agency employing a school resource officer must provide the Secretary of the Treasury with information regarding:

• The date the individual started their job as a school resource officer.
• The date their employment in that role ended.

Penalties

There are provisions for penalties if the law enforcement agency fails to report the necessary information regarding school resource officers.

Clerical Amendments

The bill includes amendments to update relevant sections within the Internal Revenue Code to include references to the new provisions for school resource officers.

Effective Date

The changes proposed in the bill will apply to taxable years starting after the date the bill is enacted.

Relevant Companies

None found