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New Yotk - Federal Tax Breaks Proposed for Sandy Victims

Published on: December 9, 2012 03:24 PM
By: AP
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FILE - National Guard troops work on cleaning a street as people continue to try and recover from the aftermath of Hurricane Sandy in the New Dorp neighborhood of Staten Island, New York, USA, 15 November 2012. EPANew York - 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.

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“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.

 

 



More of today's headlines

Newark, NJ - Newark Mayor Cory Booker is giving serious thought to challenging Chris Christie when the New Jersey governor runs for re-election next year and will... Washington - Senate Republicans would probably agree to higher tax rates on the wealthiest Americans if it meant getting a chance to overhaul costly government...

 

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Read Comments (5)  —  Post Yours »

1

 Dec 09, 2012 at 04:30 PM Yossi Says:

I think that all politicians serving those affected by Sandy should lobby for a Sales Tax exempt for all those affected...They should get a special Tax exempt form for purchases to replace what they lost in Hurricane....

2

 Dec 09, 2012 at 05:36 PM DRE53 Says:

Reply to #1  
Yossi Says:

I think that all politicians serving those affected by Sandy should lobby for a Sales Tax exempt for all those affected...They should get a special Tax exempt form for purchases to replace what they lost in Hurricane....

Sales tax is imposed by the state and local government. Contact your local councilman or assemblyman to work on that.

3

 Dec 09, 2012 at 09:26 PM Anonymous Says:

We had thousands of dollars of damages in the winter storms two years ago. What makes those who had damages from Sandy more worthy of special tax treatment than millions of other Americans who incur big losses each years from snow, tropical storms, forest fires or other natural disasters. Either make anyone who incurs a storm-related loss eligible for such tax writeoffs and credits or simply tell the Sandy victims in NY and NJ to pay up like everyone else.

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 Dec 10, 2012 at 09:23 AM Dayan Says:

I agree 100% with #3. I am tired of all of these special tax exemptions, which cater to various groups. Every year in the USA, residents are impacted by tornados, floods, heavy storms, hurricanes, forest fires, droughts, as well as other disasters. Therefore, to paraphrase what is says in the Haggadah, "Why is this disaster (Sandy), different from all other disasters". Those impacted by Sandy should stop their whining. During the Blitz of London in the UK, from 1940-41, and as a result of intermittent attacks from the flying rocket bombs (V1 and V2), there were over 50,000 civilians killed, not to mention hundreds of thousands of homes destroyed, and hundreds of thousands rendered homeless. Also, during the Tsunami of 2004, over 250,000 people lost their lives, and millions were rendered homeless. However, unlike the Hurricane Sandy claimants, the Southeast Asia and UK victims, did not continuously keep whining, as to what their governments should do for them!

6

 Dec 10, 2012 at 10:48 AM Yossi Says:

Reply to #3  
Anonymous Says:

We had thousands of dollars of damages in the winter storms two years ago. What makes those who had damages from Sandy more worthy of special tax treatment than millions of other Americans who incur big losses each years from snow, tropical storms, forest fires or other natural disasters. Either make anyone who incurs a storm-related loss eligible for such tax writeoffs and credits or simply tell the Sandy victims in NY and NJ to pay up like everyone else.

First of all i dont understand why anyone would have a problem with some other person will get a tax break....The other disasters you are talking about is usually covered by insurance and those hit by Sandy 95% are not insured and are left homeless and pennyless...These people need every tax break they can get and we NYers wont go broke by helping them out..

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