Sen. Nelson Files Tax-Relief Bill to Help Victims of Hurricanes
One of the groups Nelson's bill seeks to help are
If approved, Nelson's bill would, among other things, allow
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In addition to helping
It would also allow individuals and businesses to create tax-free savings accounts to help cover expenses incurred during future disasters.
The legislation Nelson filed today now heads to the
Below is a section-by-section summary of Nelson's bill. The full text of Nelson's legislation is available here (https://www.billnelson.senate.gov/sites/default/files/National%20Disaster%20Tax%20Relief%20Act.pdf).
NATIONAL DISASTER TAX RELIEF ACT
TITLE I--TAX RELIEF RELATING TO DISASTERS
Sec. 101. Allows for the immediate deduction of disaster cleanup expenses, including the cost of removing and replanting downed trees.
Sec. 102. Extends net operating loss carryback from two to three years for disaster losses.
Sec. 103. Provides an additional
Sec. 104. Allows victims of a disaster to exclude non-business debt forgiveness from their gross income.
Sec. 105. Allows additional tax-exempt advance refunding of municipal bonds for recovery projects in disaster areas, with a cap of
Sec. 106. Increases the Low-Income Housing Tax Credit allocation for states damaged by a disaster, based on the population of qualified disaster areas within the state, and allows disaster areas to retain applicable difficult development area designations for 2 years.
TITLE II--PERMANENT DISASTER TAX RELIEF PROVISIONS
Sec. 201. Excludes State and local government disaster mitigation payments from taxable income.
Sec. 202. Allows taxpayers to create tax-exempt catastrophe savings accounts to pay expenses related to a major disaster. The account balances are capped at (1)
TITLE III--OTHER PERMANENT TAX PROVISIONS
Sec. 301. Permanently extends the full cover over program for
Sec. 302. Permanently extends the deduction for domestic manufacturing in
Sec. 303. Makes the Child Tax Credit available to families in
TITLE IV - TREATMENT OF CERTAIN POSSESSIONS
Sec. 401. Allows
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