Curbelo Applauds Newly-Introduced Tax Relief Package for Individuals, Businesses Recovering from Hurricanes
Curbelo will manage debate of the bill on the House Floor Monday, September 25
On Monday, the House of Representatives is expected to consider legislation to provide additional relief for victims of Hurricane Irma, Harvey, and Maria. On top of over $15 billion in disaster funding that was enacted on September 8, this new bill will provide targeted tax relief to those who need it most. Representative Carlos Curbelo (FL-26), who has been a tireless advocate for the residents of South Florida in the wake of Irma, issued the following statement:
“Over the last two weeks, I have been on the ground in the Florida Keys and South Dade helping our neighbors rebuild their lives while learning more about what they need to make this process easier. By providing American businesses in the affected areas with a tax credit for wages, we can get these communities back to work as soon as possible. The bill will also ensure hurricane victims keep more of their paycheck, deduct more of the costs from the extensive property damage, and immediate access – without penalties – to their retirement savings for initial recovery. Lastly, it would temporarily suspend limitations on charitable donations to hurricane recovery efforts, further incentivizing private sector support.
Curbelo has been calling for this package since seeing the devastation left behind by Hurricane Irma on the groundimmediately after the storm. He also called for it last week when he returned to Washington to work on the proposal with his Ways and Means Committee colleagues.
The Disaster Tax Relief and Airport and Airway Extension Act of 2017, is expected to be introduced in the House on September 25. Curbelo, an original cosponsor of the legislation, is expected to manage debate of the bill on the House Floor. It is possible this legislation could be signed into law by September 30, 2017.
The legislation takes the following targeted actions to help American families and communities impacted by Hurricanes Harvey, Irma, and Maria:
Penalty-Free Access to Retirement Funds:
Encouraging Charitable Giving:
Disaster-Related Employment Relief:
Special Rule for Determining 2017 Earned Income Tax Credit and Child Tax Credit: