Tax breaks for storm's victims

Rep. Kevin Brady

Those who made unreimbursed hurricane-related repairs will be eligible for thousands of dollars more than usual in post-disaster tax breaks as the storm season comes to a close and tax season starts thanks to a bill signed into law shortly after multiple hurricanes struck the U.S. late in 2017. In addition, those using retirement plan savings to make repairs will also see a break when they report to the IRS, as will many who gave to hurricane relief charitable organizations. And that’s just some of the concessions made temporarily available to taxpayers under the “Disaster Tax Relief and Airport and Airway Extension Act of 2017.”

The Disaster Relief bill, authored by Rep. Kevin Brady and signed into law by President Donald Trump on Sept. 29, amends the Internal Revenue Code to allow various tax credits, deductions, and modifications to existing rules for individuals and businesses affected by hurricanes Harvey, Irma, and Maria...

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Jennifer Johnson can be reached at (409) 832-1400, ext. 231, or by e-mail at jennifer [at] theexaminer [dot] com.

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