Earlier this week Senators Charles Schumer and Robert Menendez announced comprehensive legislation to reduce the tax burden on those financially impacted by superstorm Sandy in October 2012. The proposal is called “The Hurricane Sandy and National Disaster Tax Relief Act of 2012.”
The legislation will include a new Work Opportunity Tax Credit category for new employees who had a principal residence in the core disaster area or were displaced.
From the legislation:
Work Opportunity Tax Credit— This provision allows the work opportunity credit to be claimed for wages of Hurricane Sandy employees. Eligible employees are individuals who had a principal place of abode in the core disaster area on October 27, 2012, and either (1) are hired during the 2-year period beginning on that date for a position in the area or (2) were displaced by the hurricane and are hired between October 27, 2012, and January 1, 2013.
Read Senator Charles Schumer’s full press release: