HR 2137
113th Congress
House
Taxation
Business investment and capital
Charitable contributions
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
Hurricane Sandy Tax Relief Act of 2013
Introduced: May 23, 2013
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 23, 2013
Referred to the House Committee on Ways and Means.
May 23, 2013
Introduced in House
Plain-English summary
Hurricane Sandy Tax Relief Act of 2013 - 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 Hurricane Sandy disaster area;
- authorization for issuance of Hurricane Sandy bonds to finance disaster relief projects;
- an additional allocation of low-income housing credits in states affected by Hurricane Sandy; and
- an exemption from the 10% penalty for premature distributions from a retirement plan to individuals residing in the Hurricane Sandy disaster area.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1