Like Countable?

Install the App
TRY NOW

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Ways and Means
    IntroducedDecember 19th, 2012

Bill Details

Official information provided by the Congressional Research Service. Learn more or make a suggestion.
The Congressional Research Service writes summaries for most legislation. These summaries are listed here. Countable will update some legislation with a revised summary, title or other key elements.

Suggest an update to this bill using our form.

Title

Hurricane Sandy Tax Relief Act of 2012

Official Title

To amend the Internal Revenue Code of 1986 to provide tax relief for damages relating to Hurricane Sandy, and for other purposes.

Summary

Hurricane Sandy Tax Relief Act of 2012 - 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 disaster area; authorization for issuance of Hurricane Sandy bonds to finance disaster relief projects; and an additional allocation of low-income housing credits in states affected by Hurricane Sandy.

    There are currently no opinions on this bill, be the first to add one!