By Darryl R. Isherwood | November 20th, 2012 - 3:48pm
| More

U.S. Rep. Bill Pascrell is crafting legislation that would provide tax relief to the victims of Superstorm Sandy.

Modeled after similar legislation passed in the wake of Hurricane Katrina, Pascrell’s bill would provide personal, municipal and business tax relief.

The bill would provide the following relief:

Individual Assistance:

  • Waiver of Adjusted Gross Income limitation for theft/loss deduction, so individuals can deduct the cost of uninsured losses, and increase the standard deduction for those who do not itemize their tax returns.
  • Increase the limitation on charitable contributions for disaster relief.  
  • Look-back Provision for Child Tax Credit and Earned Income Tax Credit, to allow a family in the affected region to opt to use their previous year's earnings to calculate their Child Tax Credit and Earned Income Tax Credit.

Business Assistance:

  • Allowing businesses to expense the cost of disaster recovery.
  • Allowing businesses to use Net Operating Loss to recover past tax payments or reduce future tax payments, if they are operating with no tax liability during the prescribed period.
  • Waiver of certain mortgage revenue bond requirements, easing access to capital.
  • Increase in new markets tax credit for investments in community development entities serving Hurricane Sandy disaster areas.
  • Allowing public utilities to reduce their tax liability when rebuilding or replacing assets damaged in the storm.
  • Work Opportunity Tax Credits for displaced workers.

Public and Municipal Assistance:

  • New authority for affected states to issue state and local, and private activity bonds, modeled after GO Zone bonds issued after Hurricane Katrina, to help rebuild infrastructure, utilities and public buildings destroyed by the storm.

Housing Assistance:

Increased allocation of the Low Income Housing Tax Credit for declared disaster areas.

Wake-Up Call

Morning Digest: September 19th

NBC News: Federal charges ruled out for Christie in Bridgegate scandal NBC News tonight is reporting that federal investigators say after nine months of investigating Bridgegate there is 'no evidence" that Gov. Chris Christie had advance knowledge about any politically motivated scheme around the bridge lane closures at the...

Op-Ed

Legislation needed for publicly financed gubernatorial elections

By JEFF BRINDLE It is critical that the Legislature soon enact a pending bill that would ensure the state’s Gubernatorial Public Financing Program is available in the event of a special election for governor.  Not only is there no current legal... Read More >

Contributors

(9-17-14) Viral Video Prompts Questionable NJ Municipal Ordinance -  Socrates said, “While I might disagree with what you say, I will defend to the death your right to say... more »
The Correct Foreign Policy – Neither Fortress America Nor Pax Americana      Last week marked the 75th anniversary of the beginning of World War 2.  It started with the... more »
(Asbury Park, NJ) -- There's a word for someone who says one thing and does another: hypocrite.  There's no shortage of 'em in Trenton -- from ... more »
 The following letter was sent today to Republican state legislators, county chairs, state committee members, and New Hampshire... more »

Quote of the Day

quote of the day

“The fact is that they’ve been digging around for eight months now and have found absolutely nothing. Wrap up your work. Do your job." - Gov. Chris Christie

- PolitickerNJ

Poll

Should the Joint Legisaltive Committee investigating Bridgegate 'wrap it up?':

Blogroll

Visit the PolitickerNJ.com/resources page for links to the best collection of information on New Jersey state government.

 

  • Polls
  • The best blogs
  • Columnists
  • State election results
  • Assembly election results
  • Local party websites
  • And more.

PolitickerNJ.com/resources