U.S. Sens. Chuck Grassley and Joni Ernst of Iowa, along with Sen. Deb Fischer and Rep. Adrian Smith of Nebraska, have introduced legislation to provide tax relief for Iowans in areas impacted by the recent devastating floods.
“Families and businesses in Iowa and throughout the nation are working to rebuild their lives and reopen the doors of their businesses after the terrible disasters that have ravaged parts of the nation,” Grassley said. “The Disaster Tax Relief Act of 2019, which includes a series of disaster tax relief provisions, would give a hand up to Americans who are trying to move forward and get their lives back on track and businesses that are trying to get up and running again.”
“My number one focus right now remains squarely on how to get our fellow Iowans the help and support they need—and to get it as quickly as possible,” Ernst said. “This bill will help provide important and badly-needed relief for Iowans in disaster areas.”
The Disaster Tax Relief Act of 2019 would provide tax relief for individuals in areas of Iowa and Nebraska that have been declared a major disaster by the president.
Benefits under the bill include special rules allowing access to retirement funds, a special credit for employee retention during business interruption, suspension of limits on deductions for certain charitable contributions, special rules for deductions for disaster-related personal casualty losses, and special rules for measurement of earned income for purposes of qualification for tax credits.