HEART Act Applicable To Expatriates And Long-Term Residents

Extract

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HEART Act Applicable To Expatriates And Long-Term Residents

The Heroes Earnings Assistance and Relief Tax Act of 2008

imposes an exit tax that applies to expatriates and long-term

residents.

On June 17, 2008, U.S. President George Bush signed the

Heroes Earnings Assistance and Relief Tax Act of 2008 (HEART

Act), which provides tax benefits and incentives for military

personnel.  The Act also imposes a

"mark-to-market" exit tax applicable to certain U.S.

citizens and long-term green card holders who expatriate or

relinquish their green cards.  The exit tax applies to

individuals who are "covered ex...

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