H.R. 6683 (112th): Hurricane Sandy Tax Relief Act of 2012

Introduced:
Dec 19, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Bill Pascrell Jr. [D-NJ8]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as H.R. 2137 on May 23, 2013. See H.R. 2137 for current action on this subject.

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on December 19, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Dec 19, 2012
Referred to Committee Dec 19, 2012
Cosponsors
26 cosponsors (17D, 9R) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to provide tax relief for damages relating to Hurricane Sandy, and for other purposes.

Summary

No summaries available.

Text

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Last updated Dec 19, 2012.
50 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

12/19/2012--Introduced.
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

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No summary available.

House Democratic Caucus Summary

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