Kamala Harris, Tim Scott, and Marco Rubio Intro Tax Relief Bill for Wildfire, Hurricane Victims
Senators Kamala Harris (D-CA), Tim Scott (R-SC), and Marco Rubio (R-FL) on Friday introduced bipartisan legislation to aid the victims of Hurricane Florence, Hurricane Michael, and California wildfires. The Hurricanes Florence and Michael and California Wildfire Tax Relief Act would help families and small businesses hit by recent natural disasters recover and rebuild by providing tax relief. The measure would not only allow more taxpayers to claim a deduction for personal property losses by removing the itemize requirement, but also remove penalties on certain hardship withdrawals from retirement accounts and suspend limits on charitable contributions to disaster relief efforts. The bill would also expand Opportunity Zones to hardest-hit areas and encourage employers in hard-hit areas to retain employees. “I’ve been working to ensure that Floridians who were affected by Hurricane Michael receive the support they need from the federal government, and one of the best ways to do that is to provide tax relief so that they can use their money to recover,” said Rubio. “The wildfires that tore across California this year claimed precious lives, devastated communities, destroyed thousands of homes, and forced hundreds of thousands of Californians to evacuate,” Harris added. “The road to recovery for these communities won’t be easy, and we have a responsibility to give them the federal support they desperately need.” The lawmakers were joined by Senators Dianne Feinstein (D-CA), Richard Burr (R-NC), Thom Tillis (R-NC), Lindsey Graham (R-SC), and Bill Nelson (D-FL) in the legislation. More here.