JUNE 25TH, 2008 | Harkin for Senate
Senator Harkin and several of his colleagues have filed an amendment to the housing legislation that’s pending in the Senate. The amendment is a tax relief measure designed to help people and communities in Midwestern states hard hit over the last month by floods and tornados.
The senators said the Midwestern Disaster Tax Relief bill is modeled after tax legislation that Congress passed to help victims of the tornado in Kiowa County, Kansas in 2007 and Hurricanes Katrina, Rita and Wilma in 2005. The new proposal contains provisions that would let disaster victims withdraw money from retirement plans without tax penalties, suspend limits on tax incentives for charitable contributions, create tax-exempt bond authority to help rebuild infrastructure, remove limitations on deducting casualty losses due to natural disaster, and allow additional depreciation and increased amounts for expensing property to help businesses.
"Iowans and our neighbors in the Midwest have endured a tough year with floods, tornadoes and other natural disasters,” Harkin said. “While the storms may be behind us, many families have experienced huge losses – loss of their homes, belongings and livelihoods. Communities large and small are facing the daunting task of rebuilding their entire infrastructure. Now is the time to offer relief and assistance to the people of Iowa and the Midwest.”