H.R.2137 - Hurricane Sandy Tax Relief Act of 2013

To amend the Internal Revenue Code of 1986 to provide tax relief for damages relating to Hurricane Sandy, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to provide tax relief for damages relating to Hurricane Sandy, and for other purposes. as introduced.
  • Short: Hurricane Sandy Tax Relief Act of 2013 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
05/23/13
 
 
 
 
 
 
 

Sponsor

Representative

Bill Pascrell

D-NJ

View Co-Sponsors (39)

Official 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 a

Official 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.

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