August 2, 2011
Kerry, Neal Want Tax Relief For Tornado Victims
By Brandon Butler
Two Bay State legislators want to provide increased tax relief to victims of natural disasters, including those impacted by tornadoes that ripped through Central Massachusetts this year.
U.S. Sen. John Kerry, D-Mass., and U.S. Rep. Richard Neal, D-Springfield, will introduce the Disaster Tax Relief Act of 2011 in Washington, D.C., today. The act would allow families, individuals and businesses impacted by a natural disaster to deduct the costs of damages and cleanup from federal taxes.
The act also increases limits that small businesses can expense for storm cleanup.
There have been 57 disasters in 34 states this year.
To read about how natural disasters impact local economies, click here.
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