Hurricane Tax Relief Act

Hurricane Tax Relief Act

This bill modifies tax rules relating to personal casualty losses for taxpayers affected by Hurricanes Ian, Nicole, and Fiona. It eliminates the requirements that such taxpayers must itemize their tax deductions as a condition of eligibility for relief and that their losses exceed 10% of their adjusted gross income. The bill applies these modified requirements to residents of Puerto Rico affected by the Hurricanes.

The Hurricane Tax Relief Act, also known as Bill 118 hr 1494, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to provide tax relief to individuals and businesses that have been affected by hurricanes.

The main provisions of the Hurricane Tax Relief Act include:

1. Allowing individuals and businesses in designated disaster areas to claim a tax credit for expenses related to hurricane recovery efforts, such as repairs to property and replacement of lost belongings. 2. Providing tax deductions for individuals and businesses that have suffered losses due to hurricanes, including damage to property and loss of income. 3. Extending tax filing deadlines for individuals and businesses in hurricane-affected areas, giving them more time to file their tax returns and pay any taxes owed. 4. Allowing individuals and businesses to access their retirement savings without penalty in order to cover hurricane-related expenses. Overall, the Hurricane Tax Relief Act aims to provide financial assistance to those who have been impacted by hurricanes, helping them recover and rebuild in the aftermath of these natural disasters.