Number: RL33642
Title: Permanent Tax Relief Provisions for Disaster Victims as Presented in the Internal Revenue Code
Authors: Jennifer Teefy, Knowledge Services Group 
Abstract: Several bills introduced in the 110th Congress propose to create permanent tax relief provisions for disaster victims. The Catastrophe Savings Account Act of 2007 (H.R. 1787 and S. 927) would provide for tax-exempt catastrophe savings accounts (CSAs) and would allow tax-free distributions from these accounts to pay expenses resulting from presidentially declared disasters. The Hurricane and Tornado Mitigation Investment Act of 2007 (S. 930 and H.R. 913) and the Homeowners Insurance and Mitigation Assistance Act of 2008 (H.R. 6762) would allow individual and business taxpayers a tax credit for 25% of their qualified hurricane and tornado mitigation property expenditures up to $5,000 for any taxable year.
Pages: 11
Date: September 3, 2008