Federal tax breaks proposed for Sandy victims - DC News FOX 5 DC WTTG

Federal tax breaks proposed for Sandy victims

Posted: Updated:

ALBANY, N.Y. (AP) — Two Democratic senators are proposing federal tax breaks to help victims recover faster from Superstorm Sandy.

Sens. Charles Schumer of New York and Robert Menendez of New Jersey want to make all repair expenses fully tax deductible, reducing the tax bite of victims in their returns covering the current year.

The breaks would also include credits to subsidize home and business repairs and help businesses keep workers on the payroll.

The proposal wouldn't cost either state any of its scarce revenues as they try to rebound. But it would reduce payments to Washington as it seeks to reduce deficits.

The breaks announced Sunday would also provide relief for those who provided free temporary housing for victims and waive penalties for victims who have to withdraw from their retirement accounts to pay for storm costs.

"These changes to existing tax law are a common sense and simple way to help disaster victims, and a quick way to get them aid to repair their homes, to recover losses, and to support their businesses," Schumer said.

Businesses would see a tax credit for continuing to pay employees even when the business was shut down.

"This bill will provide critical tools to help families recover their losses, rebuild shattered businesses and restore communities devastated by the storm," Menendez said.

  • New Jersey NewsNew Jersey NewsMore>>

  • Princeton University giving town $24M

    Princeton University giving town $24M

    Thursday, April 24 2014 5:33 PM EDT2014-04-24 21:33:55 GMT
    Princeton University has agreed to contribute more than $24 million over the next seven years to the town of Princeton. The deal was announced Thursday and is set for consideration by the town government's approval on Monday. The university and town officials frame it was as a way to resolve an age-old issue in college towns where much of the land is university-owned and thus tax-exempt.
    Princeton University has agreed to contribute more than $24 million over the next seven years to the town of Princeton. The deal was announced Thursday and is set for consideration by the town government's approval on Monday. The university and town officials frame it was as a way to resolve an age-old issue in college towns where much of the land is university-owned and thus tax-exempt.
  • NJ brush fire forces evacuations

    NJ brush fire forces evacuations

    Thursday, April 24 2014 4:16 PM EDT2014-04-24 20:16:10 GMT
    A New Jersey school and several homes were evacuated Thursday afternoon because of a large brush fire that was being fanned by winds.Beachwood Intermediate South School was closed just after 12:30 p.m. Parents were told not to report to the school. The Ocean County Sheriff's Dept. said that all children were going to be safely evacuated to another location.
    A New Jersey school and several homes were evacuated Thursday afternoon because of a large brush fire that was being fanned by winds.Beachwood Intermediate South School was closed just after 12:30 p.m. Parents were told not to report to the school. The Ocean County Sheriff's Dept. said that all children were going to be safely evacuated to another location.
  • Large brush fire raging in Berkeley; homes evacuated

    Large brush fire raging in Berkeley; homes evacuated

    Thursday, April 24 2014 1:05 PM EDT2014-04-24 17:05:30 GMT
    A massive brush fire is burning acres of land between Grand Central and Northern Boulevards in Berkeley. Homes are being evacuated in the area. Police are in the area, including helicopters. We'll have more on this story as it becomes available.
    A massive brush fire is burning acres of land between Grand Central and Northern Boulevards in Berkeley. Homes are being evacuated in the area. Police are in the area, including helicopters. We'll have more on this story as it becomes available.
Powered by WorldNow

WTTG FOX 5 & myfoxdc
5151 Wisconsin Ave. NW
Washington, DC 20016
Main Number: (202) 244-5151
Newsroom: (202) 895-3000
fox5tips@wttg.com

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices