Garrett , Pascrell , Cosponsor bill for Sandy tax relief package
Thursday December 13, 2012, 1:13 PM
BY HERB JACKSON
WASHINGTON CORRESPONDENT
Associated Press
Residents and businesses hurt by superstorm Sandy would be protected from losing tax credits and have more options to deduct losses and access funding under tax legislation unveiled Thursday by a bipartisan group of House members organized by Rep. Bill Pascrell Jr..
The proposal includes benefits for businesses, individuals, as well as tax-advantaged bonding authority for rebuilding. Pascrell, D-Paterson, said at a news conference the bill is a supplement to the $60.4 billion spending bill President Obama requested on Friday.
“If you’re a family and you’re going to be able deduct uninsured losses from taxes, [or] take out a loan from a retirement account, this is a big deal,” Pascrell said.
Cosponsors include Rep. Scott Garrett, R-Wantage, and five other New Jersey members from both parties, as well as members from New York and Connecticut.
https://www.northjersey.com/news/recordpolitics/Pascrell-led_congressional_group_proposes_Sandy_tax_relief_package.html
