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.
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