CMS Tax Credit Service on New Legislation – “Hurricane Sandy Relief Act”

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CMS tax credit specialists have been tracking legislation on proposed bill H.R. 152 “Hurricane Sandy Relief Act,” which was approved by the Senate and now goes to President Barack Obama.

The  amendment makes available $17 billion in emergency funding, including $25 million in funding for ‘Training and Employment Services,’ which will be for the dislocated workers related to Hurricane Sandy.

By a 62-to-36 vote, the Senate approved the measure, with 9 Republicans joining 53 Democrats to support it. The House recently passed the bill, 241 to 180, after initially refusing to act on it amid objections from fiscal conservatives over its size and its impact on the federal deficit. The newly adopted aid package comes on top of nearly $10 billion that Congress approved this month to support the recovery efforts in New York, New Jersey, Connecticut and other states that were battered by the hurricane in late October.

The money will provide aid to people whose homes were damaged or destroyed, as well as to business owners who had heavy losses. It will also pay for replenishing shorelines, repairing subway and commuter rail systems, fixing bridges and tunnels, and reimbursing local governments for emergency spending.

President Obama praised the vote, saying, “I commend Congress for giving families and businesses the help they deserve, and I will sign this bill into law as soon as it hits my desk.” U.S. Senators Kristen E. Gillibrand and Charles E. Schumer of New York and Robert Menéndez of New Jersey played a pivotal role in supporting this amendment.

About CMS

CMS is a full employment tax credit service designed to help employers obtain federal credits. To speak to an expertplease call (860) 269-0958, email Brian Kelly, bkelly@cmswotc.com  or visit our website at: www.cmswotc.com.

 

 

 

 

 

 

 

 

 

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