NY, Conn., NJ reps pitch Sandy federal tax breaks
ALBANY, N.Y. (AP) — A bipartisan group of lawmakers from the three states hit hardest by Superstorm Sandy is proposing a package of tax breaks in the House of Representatives.
The representatives from New York, New Jersey and Connecticut say Thursday the measures are similar to legislation passed after Hurricane Katrina and will bolster other federal efforts to help recovery.
Among the proposals is allowing loans to cover damage up to $100,000 from a taxpayer's IRA or 401(k) without penalty as long as the money is repaid within three years.
Many of the other provisions are technical, including some aimed at boosting charitable giving and housing, rebuilding municipal infrastructure, and easing rules for deducting uninsured losses.
Also Thursday, the states' governors urged Congress not to adjourn for the holidays without acting on relief aid.