(Washington, DC) – Dr. Charles Boustany (R-Lafayette) renewed his efforts to pass H.R. 3110, the National Disaster Tax Relief Act. Boustany is a cosponsor of the bill along with his Louisiana colleagues Reps. Cedric Richmond (LA-2), Ralph Abraham, MD (LA-5), and Garret Graves (LA-6).
Boustany said: “Bridget and I continue to pray for the safety of our friends across the state of Louisiana. Unfortunately, Louisianans know well that it only takes one storm or natural disaster to destroy your home, business, church, or school. But Louisianans have proven time and again we have the grit and determination to rebuild.
“I believe we must give Louisianans whose lives are turned upside down the chance to rebuild. That’s why I am renewing my efforts to pass federal tax relief for disaster victims to ensure we give hard-working families every opportunity to get back on their feet.”
Boustany has been in contact with local officials in western Calcasieu Parish amid concerns of flooding along the Sabine River in Louisiana’s Third Congressional District. Additionally, Boustany supported Governor Edwards’ request for a federal disaster declaration in seven parishes in North Louisiana. Boustany says he will continue to work with the Governor’s office and his congressional colleagues to include more affected parishes in the disaster declaration as flooding continues to affect more parishes in the state.
The National Disaster Tax Relief Act will:
ØAllow expensing of qualified disaster expenses such as removal of debris or demolition
ØIncrease the tax deduction for charitable contributions for disaster relief
ØAllow the use of tax-exempt retirement plan funds in federally-declared disasters without penalty
ØAllow an additional tax exemption for individuals who are displaced as a result of a federally-declared disaster
ØAllow an exclusion from gross income of imputed income from the cancellation of indebtedness resulting from federally-declared disasters
ØProvide a special rule to allow individuals affected by a disaster from 2012-2015 to claim a full earned income tax credit
ØAllow the issuance of qualified disaster area recovery bonds