Hurricane Sandy Tax Relief Act of 2012 - 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 disaster area;
authorization for issuance of Hurricane Sandy bonds to finance disaster relief projects; and
an additional allocation of low-income housing credits in states affected by Hurricane Sandy.
Actions
Dec 19, 2012
Referred to the House Committee on Ways and Means.