Disaster Tax Relief Passes House

Written by Larry Crippen. Posted in Local News, News

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Disaster Tax Relief Passes House

Published on September 29, 2017 by Larry Crippen

Thursday, the House passed the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (H.R.3823), which includes Congressman Kevin Brady’s (TX-08) bill to deliver targeted tax relief to the victims of Hurricanes Harvey, Irma, and Maria.

H.R. 3823 helps communities that have been severely affected by hurricanes in recent months through: Creating a deduction for personal casualty losses with respect to uncompensated losses arising in disaster areas, eliminating the current law requirement that personal casualty losses must exceed 10% of adjusted gross income, granting penalty-free access to retirement funds, and encouraging charitable giving from Americans across the country. 

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