Modeled on measures taken in the wake of Hurricane Katrina, which devastated the Gulf region in 2005, it would lower a range of tax burdens for Sandy victims. These include allowing victims to borrow from their retirement accounts to rebuild without taking a tax penalty and lifting a cap on the size of losses that can be deducted from individual income taxes owed.
The bill would also ensure that workers would still receive child and earned income tax credits even if they lost qualifying income due to Sandy-related job loss, and set up Sandy Recovery Bonds.
House Ways and Means Committee Chairman Dave Camp (R-Mich.) and Speaker John BoehnerJohn BoehnerFreedom Caucus leader: Despite changes, healthcare bill doesn't have the votes Debt ceiling returns, creating new headache for GOP Letters: Congress, raise the debt limit now MORE (R-Ohio) have not made their positions known.
“These are commonsense solutions for things that fall through the cracks,” said Rep. Michael Grimm (R-N.Y.), from hard-hit Staten Island.
He urged his leadership to allow the Sandy supplemental to come straight from the Senate to the House floor.
“I feel very confident it will pass the House without incident,” he said.
Rep. Frank LoBiondo (R-N.J.) said fighting over how to pay for the damage should be saved for another time and not come on the heels of the hurricane.