Congressman Neal Dunn has introduced legislation to ease the financial burden on people who were devastated by Hurricane Michael.
The Hurricane Michael Tax Relief Act would allow individuals affected by Hurricane Michael penalty-free early access to their retirement savings and help employers and businesses within the disaster area.
Specifically, the bill allows for penalty free withdrawals from retirement plans, and makes it easier to qualify for personal casualty loss deductions.
It also provides tax relief to help businesses retain employees, temporarily suspends limitations on charitable contributions associated with hurricane relief, and grants taxpayers the option to refer to earned income from the previous year for determining the Earned Income Tax Credits and Child Tax Credits.
The bill would affect counties that are currently approved for federal disaster assistance or in the major disaster area declared by the President.
The bill has been cosponsored by Congressman Al Lawson, whose district was also ravaged by the storm.
The legislation mirrors the same tax relief that was extended to victims of the 2017 storms.