The purpose of the Combat Pay Protection Act is to improve the financial compensation for members of the Armed Forces by providing a one-time increase and annual adjustments to certain special and incentive pays. This legislation aims to ensure that military personnel receive fair compensation that reflects changes in the cost of living and their basic pay. Key provisions of the Act include a one-time increase in special and incentive pays, which will take effect on January 1 of the year following the law's enactment.