Tax Relief for Ike Victims Passes House PDF Print E-mail
For Immediate Release September 25, 2008
 
Tax Relief for Ike Victims Passes House
 
Washington, D.C. - Congressman Ron Paul was proud to vote in favor of the Disaster Tax Relief Act of 2008 which passed overwhelmingly in the House of Representatives last night. 
 
“I’ve always been a big believer in the strength and ingenuity of the American people. This bill will help my constituents and all Americans affected by natural disasters to recover and get back on their feet by providing them with much needed tax relief,” stated Congressman Paul.
 
Highlights include: (abridged)
Individuals Allowed to Claim Expanded and Enhanced Casualty Loss Deductions Relating to Federal Disasters.   The bill would allow all taxpayers who have suffered loss as a result of a Federally-declared disaster to claim a deduction for casualty losses - i.e., both itemizers and non-itemizers. 
Businesses Allowed to Immediately Write-Off Certain Expenses Relating to Federal Disasters.  The bill allows businesses that have been adversely affected by a Federally-declared disaster to write-off and immediately recover demolition, repair, clean-up, and environmental remediation expenses.
Businesses Allowed a Five-Year Carry-Back Period for Certain Losses Relating to Federal Disasters.  This prompt refund can help businesses reinvest in their businesses or make ends meet in the aftermath of a disaster.
Mortgage Revenue Bond Financing for Individuals Suffering Home Damage as a Result of a Federal Disaster.  The bill allows states to use their tax-exempt housing bonds to provide loans to repair or reconstruct homes and rental housing units that have been rendered unsafe for use as a residence by reason of a Federally-declared disaster or have been demolished or relocated by reason of government order on account of a Federally-declared disaster.
Private Activity Bond Financing for Businesses Suffering Damage as a Result of a Federal Disaster.   Under the bill, the Secretary of the Treasury has the authority to allow for the issuance of an additional $13 billion of tax-exempt private activity bonds to finance the replacement, repair, reconstruction, or renovation of business property that was damaged or destroyed as a result of a Federally-declared disaster. 
Increase in Standard Mileage Rate for Charitable Use of a Vehicle.   The billincreases the standard mileage rate used for purposes of calculating a charitable deduction from 14 cents a mile to an amount determined by the Secretary of Treasury that is not less than the standard rate used for medical purposes (currently, 27 cents a mile). 
Waiver of Charitable Contribution Limits for Relief Relating to Federal Disasters.   The bill generally waives  limits regarding charitable cash contributions that are made prior to December 31, 2009 for relief efforts related to a Federally-declared disaster.