Tax breaks for flood victims, credits for historic redevelopment survive tax bill revisions
Victims of the 2016 Louisiana floods would be able to refile their tax returns and write off much more of their damages under the changes. Early withdrawal penalties for those tapping their retirement savings to rebuild would also be waived.
The final version of the tax bill, hammered out by
Historic tax credits, widely used by developers in
The disaster tax relief provisions and historic tax credits were inserted into the bill by Sen.
Congressional sources said the tax breaks for victims of natural disasters were the most hotly contested provisions. That's because they carry a price tag of roughly
But
Similar tax breaks for victims of other disasters, including 2017 hurricanes in
A potential boost in the amount of federal offshore drilling revenue headed to
Cassidy and Scalise announced those changes yesterday, saying they'd secured commitments to boost oil revenue-sharing in the bill early on in negotiations.
The overall tax bill is expected to pass despite unified opposition from
Congressional scorekeepers have projected that the tax cuts will increase the federal deficit by nearly
No independent analysis of any earlier version of the bill has projected that to be the case, however, though several have projected increased growth under the bill.
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