The Military Pension Protection Act proposes a significant change to the Internal Revenue Code of 1986, aiming to provide tax relief for military personnel. It seeks to exclude from gross income any pension or annuity received from the Federal Government for service as a member of the Armed Forces of the United States. This exclusion would benefit both the service member and their beneficiaries. The bill introduces a new section, Section 113, into the tax code to implement this provision, effectively making military pensions tax-exempt at the federal level. These amendments are slated to apply to all taxable years beginning after the date the Act is enacted into law.