Federal tax breaks being considered to help financially strapped Hurricane Sandy victims

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

NEW YORK (PIX11) — There might be a little light at the end of the tunnel for Hurricane Sandy victims… federal tax breaks are being proposed to ease the financial burden. Senators Charles Schumer and Robert Menendez held a joint press conference today to announce the proposals.

Some of the highlights: all Sandy-related expenses would be tax deductible; victims would be able to borrow from their IRA’s without penalty; and businesses that kept employees on the payroll even when the business wasn’t making money would get tax credits.
The proposal wouldn’t cost New York or New Jersey any revenue but it would reduce payments to Washington.

1 Comment

  • Billy Coonrod

    The truth is that the tax law is so complicated, some one must concentrate on it completely so as to be effective. And be sure not to pay an hourly fee. If you do, that law firm tax help San Clemente wants someone to pay them for his or her time so he or she learn the tax code. An experienced Business Tax Attorney will always give you a flat fee quote..

Comments are closed.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.