GovTrack’s Bill Summary
We don’t have a summary available yet.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
Hurricane Sandy Tax Relief Act of 2012 - Amends the Internal Revenue Code to provide tax benefits for individuals and businesses affected by Hurricane Sandy, including: - an exemption from the gross income limitation for deducting casualty losses attributable to Hurricane Sandy; - expensing allowances for Hurricane Sandy disaster expenses, disaster assistance property, and environmental remediation expenses; - treatment of losses attributable to Hurricane Sandy as net operating losses; - suspension of mortgage revenue bond requirements for residences located in the Hurricane Sandy disaster area; - an increased charitable tax deduction for Hurricane Sandy disaster relief contributions; -a special allocation of the new markets tax credit for investments in community development entities serving the disaster area; -special adjustments to the earned income tax credit and the child tax credit for individuals living in the disaster area; -a work opportunity tax credit for hiring employees residing in the disaster area; -authorization for issuance of Hurricane Sandy bonds to finance disaster relief projects; and -an additional allocation of low-income housing credits in states affected by Hurricane Sandy.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.