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« Global warming on Mars | Main | Personal Finance Reality TV Show » September 22, 2005House OKs tax relief bill for Katrina victimsThe US House of Representatives on Wednesday unanimously approved H.R. 3768, providing $6 billion in temporary tax relief aimed at helping people and organizations hit by Hurricane Katrina. In particular, the legislation offers $500 tax credits for those providing temporary housing for Katrina victims and raises caps on charitable donations made to charities helping those affected by the hurricane. The bill also allows temporary withdrawals from retirement plans, ensures that tax credits for child care and debt are based on 2004 income and offers businesses tax credits for hiring victims of the hurricane. The legislation focuses on short-term relief for those affected by the disaster, with Congress expected to work on longer-term relief efforts over the coming months. The tax bill is expected to receive quick approval from the US Senate and President Bush. A major issue of contention in Congress remains how the government should finance the recovery for the Gulf region that is expected to cost in the billions. Democrats and Republicans have jousted over whether to cut existing programs, increase the deficit or raise taxes to cover the costs. Reuters has more. Posted by Joshua Claybourn at September 22, 2005 01:35 AM CommentsPoor people don't pay taxes. And it appears not to be a $500 tax credit, but a reduction of $500 from your taxable income per housed victim. A married couple with a taxable household income of $50,000 that housed a displaced family of four would therefore get a credit of about $300 total (i.e. their 2006 federal tax bill would be about $6500 instead of $6800). greg Posted by: Gregory Travis at September 22, 2005 02:11 PM | permalink Good post. I reposted it and linked to you... I think so many of the details are yet to be determined. We can personally work our butts off to help and we will see what the polititians are able to do... Posted by: Wayne M at September 22, 2005 03:07 PM | permalink The cost will be in the hundreds of billions of dollars, inflated, of course, by the corruption and graft. The Republican Party should split over this issue. Posted by: Anonymous at September 26, 2005 07:12 PM | permalink If an landlord gives a free apartment to a Katrina victim can he receive a tax credit above the $500? Does the $500 apply as a one time tax credit for a tax payer or can he receive $500 for every Katrina family he gives an apartment to? Posted by: charles at October 13, 2005 09:02 PM | permalink Post a comment |
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