WASHINGTON – Congressman Tom Rice (R-S.C.) released the following statement upon introducing The 2018 Natural Disasters Tax Relief Act:
“From Hurricane Florence in the Carolinas to the wildfires in California, natural disasters devastated communities across the country in 2018 and many people are still facing a long, costly recovery process. The 2018 Natural Disasters Tax Relief act will provide certainty and help alleviate some of the financial difficulties faced by those recovering from these disasters. This legislation creates an automatic 60-day tax deadline extension immediately following a Presidential Disaster Declaration. If a natural disaster coincides with a tax filing deadline, people will be able to prioritize their safety rather than worry about filing a tax return. As many of my constituents know too well, families are faced with unexpected costs after a natural disaster, but most do not have these funds at their immediate disposal. This legislation includes a number of targeted provisions that will ease this financial burden through targeted tax relief. I urge my colleagues to act quickly to pass this common-sense legislation that will provide a sense of stability and reassurance to those who are recovering from Hurricane Florence and other natural disasters across the nation.”
- Ambiguity under current law results in the IRS waiting to grant a tax deadline extension for weeks after a natural disaster. This package includes The Disaster Certainty Act, which will create an automatic 60-day tax deadline extension immediately following a Presidential Disaster Declaration.
- Victims of natural disasters will be able to access retirement accounts without penalty.
- This legislation establishes a tax credit for employers who paid their employees while their businesses were closed due to a natural disaster.
- This legislation encourages charitable giving by enacting a temporary suspension on charitable contribution limits.