Texas Insider Report: WASHINGTON D.C. U.S. Rep. Brian Babin (TX-36) voted for House-passage of the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (H.R. 3823) legislation that provides tax benefits and relief to individuals impacted by Hurricanes Harvey Irma and Maria.
In my congressional district countless individuals and families lost nearly everything to Harveys floodwaters" said Rep. Babin. The stories are heartbreaking. This bipartisan legislation gives them further assistance to rebuild their lives through immediate tax relief while sending another important message that we stand together with our fellow Americans through this extremely difficult time."
H.R. 3823 includes the following tax relief provisions for hurricane victims:
- 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.
