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Lawmakers approve disaster tax relief bill

On September 29, U.S. lawmakers approved the Disaster Tax Relief and Airport Extension Act which provides tax relief for taxpayers impacted by Hurricanes Harvey, Irma and Maria.

The bill includes a handful of tax relief measures, including penalty-free access to their retirement accounts, eliminates a requirement that personal casualty losses must exceed 10 percent of adjusted gross income to qualify for a deduction, and provides a tax credit for 40 percent of wages up to $6,000 per employee, paid by a disaster affected employer to employees in core disaster areas.

The bill also temporarily suspends limitations on charitable contribution deductions for qualified hurricane relief.

Hurricane victims still have more time to make tax payments and file returns if they are affected taxpayers in counties that have been designated as federal disaster areas.

Further requests to Congress for supplemental funding in the future is taking place to ensure these recovery measures become law.

If you have questions or would like additional information, please click here or contact your Rehmann advisor today.

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