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Tax Relief After a Disaster

Tax Relief After a Disaster
Author: United States. Congress. Senate. Committee on Finance. Subcommittee on Taxation and IRS Oversight
Publisher:
Total Pages: 76
Release: 2015
Genre: Disaster relief
ISBN:

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Tax Provisions to Assist with Disaster Recovery

Tax Provisions to Assist with Disaster Recovery
Author: Erika K. Lunder
Publisher: Createspace Independent Pub
Total Pages: 26
Release: 2013-01-04
Genre: Social Science
ISBN: 9781481907743

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Relief after a natural or man-made disaster may come from what many might consider an unlikely source: the Internal Revenue Code (IRC). The IRC includes several tax relief provisions that apply to affected taxpayers. Some of these provisions are permanent. The following are among the permanent provisions discussed in this report: casualty loss deductions, IRC Section 165; exemption from taxation for disaster relief payments to individuals, IRC Section 139; exemption from taxation for certain insurance payments, IRC Section 123; and deferral of gain from the involuntary conversion of homes destroyed or damaged by a disaster, IRC Section 1033. In recent years, Congress has enacted tax legislation generally intended to assist victims of specific disasters; as a result, these laws were temporary in nature. One act, however, provided more general, but still temporary, relief for any federally declared disaster occurring prior to January 1, 2010. The acts providing temporary relief include the following: The Job Creation and Worker Assistance Act of 2002, P.L. 107-147, which provided tax benefits for areas of New York City damaged by the terrorist attacks of September 11, 2001; The Katrina Emergency Tax Relief Act of 2005 (KETRA), P.L. 109-73, which provided tax relief to assist the victims of Hurricane Katrina in 2005; The Gulf Opportunity Zone (GO Zone) Act of 2005, P.L. 109-135, which provided tax relief to those affected by Hurricanes Katrina, Rita, and Wilma in 2005; and The Heartland Disaster Tax Relief Act of 2008, P.L. 110-343, which provided tax relief to assist recovery from both the severe weather that affected the Midwest during the summer of 2008 and Hurricane Ike. This act also included general disaster tax relief provisions that applied to federally declared disasters occurring before January 1, 2010. This publication provides a basic overview of existing, permanent provisions that benefit victims of disasters, as well as past, targeted legislative responses to particular disasters. The relief is discussed without examining either the qualifications for or the limitation on claiming the provisions' benefits. In light of Hurricane Sandy, this publication is designed to help Congress identify previous legislative responses to recent disasters.


Tax Relief After a Disaster

Tax Relief After a Disaster
Author: United States. Congress
Publisher: Createspace Independent Publishing Platform
Total Pages: 76
Release: 2017-12-02
Genre:
ISBN: 9781981315161

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Tax relief after a disaster : how individuals, small businesses, and communities recover : hearing before the Subcommittee on Taxation and IRS Oversight of the Committee on Finance, United States Senate, One Hundred Thirteenth Congress, second session, November 18, 2014.


Disaster Tax Relief

Disaster Tax Relief
Author:
Publisher: CCH Incorporated
Total Pages: 0
Release: 2018
Genre: Business & Economics
ISBN: 9780808049074

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2017 was a notable year for disasters, and taxpayers across the United States endured a significant amount of property damage. However, individuals and businesses can make some decisions that help mitigate the financial losses associated with this kind of damage by maximizing their tax savings. With the publication of this title, Wolters Kluwer provides tax professionals with a single integrated resource covering significant federal and state tax provisions relating to disaster losses and other losses associated with natural events. The publication includes analysis of the relevant portions of the Disaster Tax Relief and Airport and Airway Extension Act of 2017, as well as standing statutory provisions relating to disaster losses, casualty losses, involuntary conversions and much more! The publication also includes: Full text of Title V of the Disaster Tax Relief and Airport and Airway Extension Act of 2017, Selected Internal Revenue Code provisions, Client Letters, Election and compliance statements, A helpful table of federally declared disasters for 2017 To order or for more information on these and other Wolters Kluwer products and services, call 800 344 3734 or visit CCHGroup.com. Book jacket.


Disaster Relief Aid

Disaster Relief Aid
Author: Bimal Kanti Paul
Publisher: Springer
Total Pages: 283
Release: 2018-05-07
Genre: Science
ISBN: 3319772821

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Disaster Relief Aid: Changes and Challenges provides a comprehensive analysis of disaster relief efforts undertaken globally during the last several decades, and examines the changes and challenges that have emerged over time. The book evaluates the current state of disaster relief and discusses how it may be improved. The author examines salient features of disaster relief operations and provides an overview of the development of global humanitarian assistance programs. The book also explores how disaster aid is channelled from non-affected areas to affected areas. Using five major natural and man-made disasters as case studies, the book analyses the nature and extent of emergency relief efforts undertaken for each. The final chapter covers the post-disaster convergence phenomenon; outlines the major challenges of international disaster relief operation and finally, posits recommendations on how to improve future disaster relief efforts. This is an essential interdisciplinary text on disaster response for both undergraduate and graduate students as well as an invaluable resource for disaster researchers, managers, and numerous international and national non-governmental organizations (NGOs) and international agencies.


Tax Issues and the Gulf of Mexico Spill

Tax Issues and the Gulf of Mexico Spill
Author: Molly F. Sherlock
Publisher: DIANE Publishing
Total Pages: 18
Release: 2011
Genre: Business & Economics
ISBN: 1437937098

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This is a print on demand edition of a hard to find publication. The explosion of the Deepwater Horizon oil rig and subsequent oil spill into the Gulf of Mexico has led to substantial damages, particularly in the form of lost wages and income. BP has begun to make interim payments to compensate for lost income resulting from the oil spill. Policymakers may consider exploring alternative mechanisms for providing relief to the affected region. One option is to provide relief through the tax code by adopting measures similar to those employed following past major disasters. Contents of this report: (1) Tax Relief for Natural Disasters Versus Oil Spill Relief; (2) Payments to Oil Spill Victims: Selected Legal Issues and Analysis; (3) Oil Spill Tax Relief: Policy Options; (4) Tax Policy Options: Economic. Illus.


Income Tax Relief in Times of Disaster

Income Tax Relief in Times of Disaster
Author:
Publisher:
Total Pages: 0
Release: 2005
Genre:
ISBN:

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In response to the devastation caused by Hurricane Katrina, disaster areas have been designated in 64 parishes in Louisiana, 52 counties in Mississippi, six counties in Alabama, and three counties in Florida. Special provisions are available for taxpayers to help recover from the impact of a disaster. Generally, individuals and businesses can claim an income tax deduction for casualty losses. When the casualty losses occur in a presidentially-declared disaster area special tax provisions come into play. For example, taxpayers can shorten the amount of time it takes to receive an income tax refund by filing an amended tax return for the previous tax year to claim losses from the disaster. Another special tax rule allows for the deferral of capital gain from involuntary conversions of assets. Taxpayers in a presidentially-declared disaster area who receive grants from FEMA, state programs, charitable organizations or employers to cover medical, transportation, or temporary housing expenses are able to exclude these grants from taxable income. In response to Hurricane Katrina, Congress may choose to consider enacting additional tax relief. This has been the case in past disasters, notably in response to the terrorist attacks of September 11, 2001. A provision enacted by the Victims of Terrorism Tax Relief Act of 2001 allowed an exemption from income taxes for any individual who died as a result of wounds or injury incurred from the terrorist attacks, along with a few other forms of tax relief. This report will be updated in the event of legislative or regulatory changes.


Healthy, Resilient, and Sustainable Communities After Disasters

Healthy, Resilient, and Sustainable Communities After Disasters
Author: Institute of Medicine
Publisher: National Academies Press
Total Pages: 535
Release: 2015-09-10
Genre: Medical
ISBN: 0309316227

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In the devastation that follows a major disaster, there is a need for multiple sectors to unite and devote new resources to support the rebuilding of infrastructure, the provision of health and social services, the restoration of care delivery systems, and other critical recovery needs. In some cases, billions of dollars from public, private and charitable sources are invested to help communities recover. National rhetoric often characterizes these efforts as a "return to normal." But for many American communities, pre-disaster conditions are far from optimal. Large segments of the U.S. population suffer from preventable health problems, experience inequitable access to services, and rely on overburdened health systems. A return to pre-event conditions in such cases may be short-sighted given the high costs - both economic and social - of poor health. Instead, it is important to understand that the disaster recovery process offers a series of unique and valuable opportunities to improve on the status quo. Capitalizing on these opportunities can advance the long-term health, resilience, and sustainability of communities - thereby better preparing them for future challenges. Healthy, Resilient, and Sustainable Communities After Disasters identifies and recommends recovery practices and novel programs most likely to impact overall community public health and contribute to resiliency for future incidents. This book makes the case that disaster recovery should be guided by a healthy community vision, where health considerations are integrated into all aspects of recovery planning before and after a disaster, and funding streams are leveraged in a coordinated manner and applied to health improvement priorities in order to meet human recovery needs and create healthy built and natural environments. The conceptual framework presented in Healthy, Resilient, and Sustainable Communities After Disasters lays the groundwork to achieve this goal and provides operational guidance for multiple sectors involved in community planning and disaster recovery. Healthy, Resilient, and Sustainable Communities After Disasters calls for actions at multiple levels to facilitate recovery strategies that optimize community health. With a shared healthy community vision, strategic planning that prioritizes health, and coordinated implementation, disaster recovery can result in a communities that are healthier, more livable places for current and future generations to grow and thrive - communities that are better prepared for future adversities.


Home Owner's Guide to Disaster Tax Relief

Home Owner's Guide to Disaster Tax Relief
Author: Anne-Marie Pollowy Toliver
Publisher: Seekah Publications
Total Pages: 192
Release: 2005-01-01
Genre: Disaster relief
ISBN: 9780976576303

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From taking an inventory of properties to preparing a complete record of losses to calculating disaster losses or gains to obtaining possible income tax refunds--this guide employs a personable, easy-to-follow style to help readers prepare for the worst.