Hurricane Sandy Tax Relief Act of 2012
Latest action · Dec 19, 2012 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 19, 2012
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 26
Members who signed on, in the order they did. All signed on Dec 19, 2012.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Albio Sires | Original | Dec 19, 2012 |
| D-NY | Brian Higgins | Original | Dec 19, 2012 |
| D-NY | Charles B. Rangel | Original | Dec 19, 2012 |
| R-NJ | Christopher H. Smith | Original | Dec 19, 2012 |
| D-NJ | Donald M. Payne, Jr. | Original | Dec 19, 2012 |
| D-NY | Edolphus Towns | Original | Dec 19, 2012 |
| D-NY | Eliot L. Engel | Original | Dec 19, 2012 |
| R-NJ | Frank A. LoBiondo | Original | Dec 19, 2012 |
| D-NJ | Frank Pallone, Jr. | Original | Dec 19, 2012 |
| D-NY | Gary L. Ackerman | Original | Dec 19, 2012 |
| D-RI | James R. Langevin | Original | Dec 19, 2012 |
| D-CT | Joe Courtney | Original | Dec 19, 2012 |
| D-CT | John B. Larson | Original | Dec 19, 2012 |
| R-NJ | Jon Runyan | Original | Dec 19, 2012 |
| D-NY | Joseph Crowley | Original | Dec 19, 2012 |
Actions 2
Everything that happened, newest first.
- Dec 19, 2012Introduced in House
- Dec 19, 2012Referred to the House Committee on Ways and Means.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Business investment and capital
- Connecticut
- Disaster relief and insurance
- Employee benefits and pensions
- Employee hiring
- Hazardous wastes and toxic substances
- Housing and community development funding
- Housing finance and home ownership
- Income tax credits
- Income tax deductions
- Income tax deferral
- Income tax exclusion
- Low- and moderate-income housing
- Natural disasters
- New Jersey
- New York City
- New York State
- Poverty and welfare assistance
- Public utilities and utility rates
- Rhode Island
- Sales and excise taxes
- Securities
- Social work, volunteer service, charitable organizations
- Tax administration and collection, taxpayers
- Tax treatment of families
- Taxation
Text 1
Each version as it was printed, newest first.
- Dec 19, 2012Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
