September 22, 2017 House combines hurricane tax provisions with FAA extension House Ways and Means Committee Chairman Kevin Brady (R-TX) and Transportation and Infrastructure Committee Chairman Bill Shuster (R-PA) on September 22, 2017, released a bill that combines temporary tax relief to the victims of Hurricanes Harvey, Irma, and Maria with a six-month extension of the Federal Aviation Administration (FAA) authorization and taxes. The FAA reauthorization/funding is a must-pass item before the current expiration on September 30, and the House is expected to act next week on the "Disaster Tax Relief and Airport and Airway Extension Act of 2017," which includes an FAA extension through March 31, 2018. Tax provisions in the bill follow actions taken in response to previous storms and include: — Temporary suspension of limitations on the deduction for charitable contributions associated with qualified hurricane relief made before December 31, 2017 — An exception to the 10% early retirement plan withdrawal penalty for qualified hurricane relief distributions — A tax credit for 40% of wages (up to $6,000 per employee) paid by a disaster-affected employer to an employee from a core disaster area — Elimination of the current law requirements (for uncompensated losses arising in the disaster area) that personal casualty losses must exceed 10% of adjusted gross income to qualify for deduction, and elimination of the current law requirement that taxpayers must itemize deductions to access this tax relief "My bill specifically helps hurricane victims keep more of their paycheck, deduct more of the cost of their expensive property damage, and have more affordable and immediate access to money they have saved for their retirement. The legislation will also encourage even more Americans to donate generously to help those in need," Chairman Brady said. "Taken together, these tax relief measures will help more people be able to bear the tremendous expense of recovering from these destructive hurricanes." The legislation also includes temporary extensions of health programs within Ways and Means jurisdiction. This includes extending the Intravenous Immunoglobulin (IVIG) demonstration policy for three years to ensure this program can continue to operate and provide care to patients with severe immunodeficiency diseases. The IVIG demonstration would otherwise stop providing services to patients after September 30, 2017. The bill and a Ways and Means news release are attached. ———————————————
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News Release
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