U.S. Reps Want Disaster Tax Extension

U.S. Reps Want Disaster Tax Extension

Congressmen Jim Langevin and Patrick Kennedy today introduced a bill that would extend disaster-related tax breaks to the end of 2010.

If passed, all taxpayers would be able to claim the casualty loss deduction regardless of gross income and business owners could deduct some cleanup expenses, such as removing debris and demolition. Without the bill, the provisions were set to expire in 2009.

In a joint statement, Langevin and Kennedy said the bill would help Rhode Islanders recovering from the March floods.

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“By extending these expired provisions for an additional year, Rhode Islanders will be eligible to receive the same federal tax assistance received by other states with a federal disaster declaration,” Langevin said.

“We need to be sure that the residual effects of the flooding do not derail Rhode Island’s economic recovery,” Kennedy added.  “Rhode Islanders are facing so many challenges right now.  During such difficult times, we simply can’t afford to allow these critical tax provisions to expire.”