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BIPARTISAN HURRICANE SANDY TAX RELIEF BILL ANNOUNCED

Thursday, May 23, 2013 - 7:00AM

A bipartisan coalition of lawmakers announced that they will introduce the Hurricane Sandy Tax Relief Act of 2013 to provide tax relief for victims of Hurricane Sandy in areas designated as federal disaster areas by the president. Reps. Bill Pascrell, Jr., D-N.J., Joseph Crowley, D-N.Y., Rodney Frelinghuysen, R-N.J., Michael Grimm, R-N.Y., John Larson, D-Conn., Frank LoBiondo, R-N.J., Charles Rangel, D-N.Y., Tom Reed, R-N.Y., and Carolyn McCarthy, D-N.Y., will propose a tax package that includes increased low-income housing tax credit (LIHTC) allocation authority for declared disaster areas. The legislation is modeled after a similar bill passed into law in the wake of Hurricane Katrina, and the text of the bill will be posted to the Affordable Housing Resource Center as soon as it becomes available.

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