Bill 119 HR 140, also known as the "Tax Relief for Hurricanes Helene and Milton Act," aims to provide tax relief for individuals and businesses who have suffered damages as a result of Hurricanes Helene and Milton. The bill specifically targets those who have incurred expenses related to repairing or rebuilding their property, as well as those who have experienced financial losses due to the hurricanes.
Under this legislation, individuals and businesses affected by Hurricanes Helene and Milton will be eligible for tax deductions and credits to help offset the costs of recovery. This includes deductions for expenses such as property repairs, temporary housing, and lost income. Additionally, the bill provides for tax credits for businesses that have experienced significant losses as a result of the hurricanes.
The goal of Bill 119 HR 140 is to provide much-needed financial relief to those who have been impacted by Hurricanes Helene and Milton, helping them to recover and rebuild in the aftermath of these devastating natural disasters. The bill has received bipartisan support in Congress and is expected to be passed into law in the near future.