Summary: H.R.2137 — 113th Congress (2013-2014)All Information (Except Text)

There is one summary for H.R.2137. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/23/2013)

Hurricane Sandy Tax Relief Act of 2013 - Amends the Internal Revenue Code to provide tax benefits for individuals and businesses affected by Hurricane Sandy, including:

  • an exemption from the gross income limitation for deducting casualty losses attributable to Hurricane Sandy;
  • expensing allowances for Hurricane Sandy disaster expenses, disaster assistance property, and environmental remediation expenses;
  • treatment of losses attributable to Hurricane Sandy as net operating losses;
  • suspension of mortgage revenue bond requirements for residences located in the Hurricane Sandy disaster area;
  • an increased charitable tax deduction for Hurricane Sandy disaster relief contributions;
  • a special allocation of the new markets tax credit for investments in community development entities serving the disaster area;
  • special adjustments to the earned income tax credit and the child tax credit for individuals living in the disaster area;
  • a work opportunity tax credit for hiring employees residing in the Hurricane Sandy disaster area;
  • authorization for issuance of Hurricane Sandy bonds to finance disaster relief projects;
  • an additional allocation of low-income housing credits in states affected by Hurricane Sandy; and
  • an exemption from the 10% penalty for premature distributions from a retirement plan to individuals residing in the Hurricane Sandy disaster area.