- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on Ways and MeansIntroducedDecember 19th, 2012
- house Committees
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Hurricane Sandy Tax Relief Act of 2012
To amend the Internal Revenue Code of 1986 to provide tax relief for damages relating to Hurricane Sandy, and for other purposes.
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.