HR 6683 112th Congress House Taxation Business investment and capital Connecticut Disaster relief and insurance Employee benefits and pensions Employee hiring Hazardous wastes and toxic substances Housing and community development funding Housing finance and home ownership Income tax credits Income tax deductions Income tax deferral Income tax exclusion Low- and moderate-income housing Natural disasters New Jersey New York City New York State Poverty and welfare assistance Public utilities and utility rates

Hurricane Sandy Tax Relief Act of 2012

Introduced: December 19, 2012 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Dec 19, 2012

Referred to the House Committee on Ways and Means.

Dec 19, 2012

Introduced in House

Plain-English summary Congressional Research Service

Hurricane Sandy Tax Relief Act of 2012 - Amends the Internal Revenue Code to provide tax benefits for individuals and businesses affected by Hurricane Sandy, including:

an exemption from the gross income limitation for deducting casualty losses attributable to Hurricane Sandy;
expensing allowances for Hurricane Sandy disaster expenses, disaster assistance property, and environmental remediation expenses;
treatment of losses attributable to Hurricane Sandy as net operating losses;
suspension of mortgage revenue bond requirements for residences located in the Hurricane Sandy disaster area;
an increased charitable tax deduction for Hurricane Sandy disaster relief contributions;
a special allocation of the new markets tax credit for investments in community development entities serving the disaster area;
special adjustments to the earned income tax credit and the child tax credit for individuals living in the disaster area;
a work opportunity tax credit for hiring employees residing in the disaster area;
authorization for issuance of Hurricane Sandy bonds to finance disaster relief projects; and
an additional allocation of low-income housing credits in states affected by Hurricane Sandy.