Joins NJ Colleagues LoBiondo, Runyan. Pallone, Garrett, Lance and Smith in Bi-Partisan Tri-State Coalition
On December 13, 2012, to help families and businesses struggling to rebuild in the wake of Hurricane Sandy, U.S. Rep. Bill Pascrell, Jr. (D-NJ), sponsored and Reps. Frank LoBiondo (R-NJ), Jon Runyan (R-NJ), Frank Pallone (D-NJ), Scott Garrett (R-NJ), Leonard Lance (R-NJ) and Chris Smith (R-NJ) co-sponsored, along with their colleagues from New York and Connecticut, legislation to provide tax relief to the victims of the devastating storm that caused widespread destruction throughout the Northeast.
The Hurricane Sandy Tax Relief Act of 2012 is modeled after a similar bill passed into law in the wake of Hurricane Katrina and is aimed at providing tax relief for victims of Hurricane Sandy in areas designated as Federal Disaster Areas by the President.
The Members who make up the coalition said:
“As we continue to rebuild in the wake of one of the worst natural disasters to hit our region in generations, we must ensure that our communities have the resources they need to begin to put their lives together. This bill is a crucial first step in bringing much needed tax relief to help families, communities and business in our region get back on track. We urge our colleagues on both sides of the aisle to support this legislation to help in rebuilding the lives that have been devastated by this historic storm.”
The legislation will complement the federal government’s relief and recovery efforts by providing additional tax relief to businesses, individuals and municipalities affected by Hurricane Sandy, including key housing initiatives:
Low Income Housing Tax Credit: The legislation increases the allocation of the low-income housing tax credits to $8 per individual states containing counties covered by the natural disaster declaration as a result of Hurricane Sandy.
Waiver of Certain Mortgage Revenue Bond Limitations: The legislation waives the first-time homebuyer rule and purchase and income rules for targeted area residences financed with qualified mortgage bonds. In addition, the proposal increases the amount of a qualified home-improvement loan with respect to residences located in the specified disaster areas disaster areas.