ICYMI: Tax Relief for Hurricane Victims

Congressman John Culberson Texas Insider Report: WASHINGTON D.C. In case you missed it the House passed legislation to help American families impacted by Hurricanes Harvey Irma and Maria. The Disaster Tax Relief and Airport and Airway Extension Act provides tax relief for Houstonians who are trying to rebuild after Hurricane Harvey.   This legislation makes the personal casualty loss deduction easier to access for communities impacted encourages charitable giving and provides penalty-free access to retirement funds. The bill removes a provision that requires property losses to exceed 10 percent of an individuals gross income to qualify for a tax deduction. Once this legislation passes the Senate if youve experienced property damage due to Hurricane Harvey youll be eligible to receive the deduction and lower your tax burden. This bill also eliminates the penalty for accessing your retirement funds early to pay for qualified hurricane relief expenses. Unfortunately many families are having to use funds theyve saved for retirement to make ends meet following the disaster and they should not be punished for that. This bill will allow you to keep more of your hard-earned money to help rebuild or repair your property. For those that have donated following the storm this legislation will temporarily lift the limitations on the charitable contributions deduction. This suspension will encourage charitable donations for disaster areas that need them like Texas Florida and Puerto Rico. I understand the financial burden that Hurricane Harvey has put on Houstonians and this legislation will reduce your financial tax burden so you have more money to rebuild after this devastating storm. The Houston congressional delegation is committed to working together to repair the damage left in the wake of Hurricane Harvey but we are also committed to improving our flood mitigation systems for future storms. Remember my office is always here to help you with your FEMA or SBA claims. You can find additional resources on my website here.  If you need assistance filing a claim please visit a Disaster Recovery Center in our area. Locations can be found by visiting the FEMA website here.