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Monday, September 12, 2005
Senate Finance Releases Tax Cut Relief Package
The Senate Finance committee released a set of proposals for tax cuts designed to aid the victims of Hurricane Katrina, and encourage other Americans to donate to the relief effort. Among the items included that will directly benefit hurricane survivors include cancelation of early withdrawl penalties from retirement plans, extension of the Work Opportunity Tax Credit and other provisions that would encourage hiring those displaced by the hurricane around the country and aid in the retention of employees within the disaster zone, and a relaxation of restrictions of financing to first-time homebuyers in the areas impacted for three years.
In addition, the package would provide incentives for all Americans to contribute to the relief effort by increasing tax right-offs for businesses for food and books, granting an additional tax credit for those who open their homes to shelter hurricane victims, and by allowing tax-free cash donations from IRA accounts. The proposals by the Finance committee would also increase taxpayer assistance efforts by the IRS to meet the needs of those seeking to receive the benefits of these proposals.
Posted by Adam Hughes
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