Bipartisan Coalition Introduces Hurricane Sandy Tax Relief

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Legislation will complement federal aid by providing additional tax relief to businesses, individuals and municipalities affected by historic storm

In order to provide additional assistance to families and businesses struggling to rebuild in the wake of Hurricane Sandy, U.S. Rep. Bill Pascrell, Jr. (D-NJ-09) lead a bipartisan coalition including Reps. Joseph Crowley (D-NY), Rodney Frelinghuysen (R-NJ), Michael Grimm (R-NY), John Larson (D-CT), Frank LoBiondo (R-NJ), Charles Rangel (D-NY), Tom Reed (R-NY) and Carolyn McCarthy (D-NY) in introducing legislation to provide tax relief to the victims of the devastating storm that caused widespread destruction throughout the Northeast.  The Hurricane Sandy Tax Relief Act of 2013, modeled after a similar bill passed into law in the wake of Hurricane Katrina, is aimed at providing tax relief for victims of Hurricane Sandy in areas designated as Federal Disaster Areas by the President.

“While the Sandy aid we fought so hard for is finally getting to the communities that desperately need it, we know it’s not going to be enough to help families and businesses fully recover,” said Rep. Pascrell, a member of the House Ways and Means Committee. “This legislation will go a long way towards filling this gap by providing immediate tax relief to those impacted by Sandy’s devastation. Similar tax relief has been passed following some of our country’s worst natural disasters, and Sandy victims deserve nothing less than the same treatment. Despite stepping up to the plate when other regions of the country have been hit by natural disasters, the Northeast was left waiting more than three months for federal aid following Sandy.  We simply can’t allow this double standard to continue to hamper recovery efforts.”

CMS’s tax credit expert Brian Kelly said earlier today: “We have been tracking Hurricane Sandy, bill HR 152 legislation and we are proud of House and Senate for providing the same assistance the victims of Hurricane Katrina received.   The difference is Hurricane Sandy impacted residents and businesses in 3 states CT, NJ & NY. In this legislation there is assistance for businesses who hire the workers who were displaced by this natural disaster.  So if you’re an employer hiring people who were displaced by Hurricane Sandy, you can receive up to $2,400.00 in business tax credits for each hired worker.”

The legislation will complement the federal government’s relief and recovery efforts by providing additional tax relief to businesses, individuals and municipalities affected by Hurricane Sandy, including:

Business Assistance:
•    Work Opportunity Tax Credits for displaced workers

Continue Reading: Bipartisan Coalition Introduces Hurricane Sandy Tax Relief.

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