McCaul Votes for More Harvey Relief for TX-10
WASHINGTON, D.C. – Congressman Michael McCaul (R-TX), Chairman of the House Homeland Security Committee and a senior member of the House Foreign Affairs Committee, released the below statement following the House passage of the Disaster Tax Relief and Airport and Airway Extension Act of 2017.
Congressman McCaul: “The Texas delegation will continue to fight for those who have lost so much in the wake of Hurricane Harvey and are now on the long road to recovery. I am proud to support the passage of today’s legislation that will further assist in recovery efforts by providing those affected by the storm with access to the capital needed in this dire time. This critical legislation removes financial roadblocks existing under current law, prioritizes recovery over penalties, and incentivizes more people to donate to ongoing relief efforts. Congress must continue to put people before paper to ensure we give Texas families the tools needed to rebuild their lives.”
The bill would provide tax credits, deductions, and other relief to taxpayers in disaster areas affected by Hurricanes Harvey, Irma, and Maria. Specifically, this legislation allows taxpayers to deduct more of the losses on property related to the hurricanes. It also allows individuals to access retirement funds without a penalty and increases the size of loans an individual can take from their employment retirement fund. Businesses affected by the hurricane would also be given a tax credit if they were rendered inoperable yet retained their employees. Lastly, this bill also temporarily suspends limitations on the tax deduction for charitable contributions associated with qualified hurricane relief.