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Hulshof Welcomes Passage of Tax Relief Package for Flood Victims

Press Release

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Date:
Location: Washington, DC


U.S. Congressman Kenny Hulshof (R-Mo.) voted for and actively supported H.R. 7006, the Disaster Tax Relief Act of 2008, when it passed the U.S. House today. As the Co-Chair of the Disasters of 2008 Working Group, Hulshof is a co-sponsor of a similar measure, H.R. 6587, The Midwestern Disaster Tax Relief Act.

U.S. Congressman Kenny Hulshof (R-Mo.) voted for and actively supported H.R. 7006, the Disaster Tax Relief Act of 2008, when it passed the U.S. House today. As the Co-Chair of the Disasters of 2008 Working Group, Hulshof is a co-sponsor of a similar measure, H.R. 6587, The Midwestern Disaster Tax Relief Act.

"Three years ago, Congress took responsible actions to bail out flood victims from the deluge of water and government red tape following Hurricanes Katrina, Rita and Wilma," Hulshof said. "We passed a measure to help homeowners and local governments in affected states get back on their feet. We now extend that same help to those who have found themselves on the wrong side of what has now become known as the Great Flood of '08. Hopefully this aid will help move our families, friends and neighbors down the road to recovery."

The Midwestern Disaster Tax Relief Act of 2008 is modeled after tax assistance packages passed following the devastating results of Hurricanes Katrina, Rita and Wilma in 2005. The bill would assist flood victims in ten Midwestern states, including Missouri, Illinois and Iowa. Specifically, HR 7006:

• Allows disaster victims whose primary residences have been damaged to use their assets and to access cash by withdrawing funds from retirement plans without penalties;

• Suspends limits on tax incentives for charitable contributions in order to strengthen fundraising efforts that will help families, small businesses and communities recover;

• Provides tax-credit bond authority to help local governments rebuild critical infrastructure;

• Reduces the 2008 tax burden for small and mid-sized businesses by substantially increasing allowable deductions for the depreciation and expensing of business property.

"Many of us saw first-hand this summer the devastating effects of flood waters," Hulshof said. "But when the cameras and reporters leave, local homeowners, business owners and elected officials are left to pick up the pieces and make our communities and lives whole again. This measure is one small but vital part in the recovery process. As a co-founder of the Mississippi River Caucus and a member of the recently formed Disaster Working Group analyzing disaster response efforts, I stand ready with many of my other Midwestern colleagues to again reach across party lines and do what is necessary to support our constituents."


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