Congress approves tax-deferred LOSAPs
On August 20, 1996, President Clinton signed into law House Bill 3448 (Small Business Job Protection Act of 1996), containing a provision that will defer taxation of length-of-service award programs (LOSAPs) for volunteers firefighters until they are actually paid. [In News in Brief, September 1996, it was reported that House (H.R. 3448) and Senate (S. 1232) versions of the bill were in the process of being reconciled before being sent to President Clinton for his signature.] For additional information, contact the National Volunteer Fire Council at (1-888)-ASK-NVFC.
