Congress Passes Katrina Tax Relief

The House and Senate passed tax relief measures aimed at helping victims of Katrina, according to this story. Among the items in this legislation are:

– Waivers of penalties for victims who tap into their retirement accounts;

– Increased earned income tax credit for victims; and

– Tax break for anyone hosting evacuees.

This legislation still must go through the reconciliation process and be signed by President Bush before it becomes law. Additional legislation being debated would:

– Ease welfare rules for victims;

– Provide housing vouchers for victims (~$600/month) for up to six months; and

– More health care relief for victims.

We’ll let you know what becomes law and what doesn’t. And we’ll keep you informed about what pork projects get attached to hurricane relief legislation (yes, I’m cynical about this process).

3 Responses to “Congress Passes Katrina Tax Relief”

  1. financialdummy says:

    Question: What if anything can we deduct from our taxes if we give supplies (no money) to private organizations that don’t have the taxexempt stuff? (Like Veterans For Peace)

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