The U.S. House voted to pass legislation by Reps. Ron Kind and Charlie Rangel that would provide tax relief to people and businesses affected by natural disasters.
Under the bill, when a presidential declaration is issued, taxpayers could write off and immediately recover expenses for demolition, cleanup, repair and environmental remediation.
Among other things, the legislation would also let states issue tax-exempt bonds to help finance low-interest loans for disaster victims to repair or rebuild their homes.
Kind, a Wisconsin Democrat, serves on the House Ways and Means Committee. He says the legislation would help not only victims of this year’s flooding in the Midwest, but other states that suffered from natural disasters.
Rangel, a New York Democrat, is chairman of the House Ways and Means Committee.
The House approved the bill on a vote of 419-4.
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