House Passes Disaster Tax Relief Bill
The U.S. House voted to pass legislation by Reps. Ron Kind and Charlie Rangel that would provide tax relief to people and businesses affected by natural disasters.
Under the bill, when a presidential declaration is issued, taxpayers could write off and immediately recover expenses for demolition, cleanup, repair and environmental remediation.
Among other things, the legislation would also let states issue tax-exempt bonds to help finance low-interest loans for disaster victims to repair or rebuild their homes.
Kind, a Wisconsin Democrat, serves on the House Ways and Means Committee. He says the legislation would help not only victims of this year’s flooding in the Midwest, but other states that suffered from natural disasters.
Rangel, a New York Democrat, is chairman of the House Ways and Means Committee.
The House approved the bill on a vote of 419-4.
- EPA Designates PFAS Chemicals as Superfund Hazardous Substances
- Chubb CEO Greenberg: Some Financial Lines Underwriting Practices ‘Simply Dumb’
- Work Safety Group Releases List of ‘Dirty Dozen’ Employers
- Report: Claims Handlers Embracing Technology
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road
- EVs Head for Junkyard as Mechanic Shortage Inflates Repair Costs
- Mother of 8-Year-Old ‘Violently Sucked’ into Houston Hotel Pool Files Wrongful Death Suit
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes