U.S. Sens. Richard Burr (R-NC) and Thom Tillis (R-NC) on Sept. 25 introduced bipartisan legislation that would provide tax relief for the victims of Hurricane Florence, Hurricane Michael, and certain California wildfires last year.
“This legislation will continue to provide eligible individuals and businesses with critical tax relief so they have the flexibility and means to rebuild their lives, homes and communities,” Sen. Burr said on Wednesday.
Sen. Burr sponsored and Sen. Tillis cosponsored the Hurricanes Florence and Michael and California Wildfire Tax Relief Act, S. 2544, with five other original cosponsors, including U.S. Sen. Dianne Feinstein (D-CA).
“I’m proud to join my colleagues in introducing bipartisan legislation that would provide much-needed tax relief for families and small businesses who were affected, including those in North Carolinians recovering from Hurricane Florence and Hurricane Michael,” said Sen. Tillis.
If enacted, S. 2544 would continue to provide federal funds to eligible individuals and businesses within federally designated disaster zones, according to a bill summary provided by Sens. Burr and Tillis.
Additionally, S. 2544 would permit more taxpayers to claim a deduction for personal casualty losses by removing the requirement to itemize; remove penalties on certain hardship withdrawals from retirement accounts; allow taxpayers to use earned income from the preceding year when claiming Earned Income Tax Credit and Child Tax Credit; and suspend limits on charitable contributions to disaster relief efforts, according to the summary.
“North Carolina is still rebuilding from Hurricane Florence and Hurricane Michael, both of which devastated communities, destroyed homes, and created lasting financial hardships,” Sen. Burr said. “Congress must do its part and provide much-needed relief to affected families and businesses who are still picking up the pieces of their lives.”