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Article: Hurricane Katrina Tax Relief Enacted: Congress and President Bush acted quickly to provide additional tax relief for Hurricane Katrina victims.
- Article from:
- The Practical Accountant
- Article date:
- November 1, 2005
- Author:
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In addition to the help that IRS has announced for victims of Hurricane Katrina and Hurricane Rita, Congress has provided tax relief. It is in the form of the "Katrina Emergency Tax Relief Act of 2005" (P. L. 109-73, 9/23/05), and it has a number of provisions directly benefiting the Hurricane Katrina victims, liberalizing charitable deduction rules, and providing tax breaks to encourage rebuilding and hiring.
There are two key definitions for determining who is eligible for much of the legislative tax relief. "Hurricane Katrina disaster area" is the area for which a major disaster has been declared by the president before Sept. 14, 2005, under Section 401 of the ...