Seeks Increased Allocation of the
LIHTC for Disaster Areas
On Thursday May 23, 2013, in order to provide additional assistance to families and businesses struggling to rebuild in the wake of Hurricane Sandy, U.S. Rep. Bill Pascrell, Jr. (D-NJ-09) lead a bipartisan coalition including Reps. Joseph Crowley (D-NY), Rodney Frelinghuysen (R-NJ), Michael Grimm (R-NY), John Larson (D-CT), Frank LoBiondo (R-NJ), Charles Rangel (D-NY), Tom Reed (R-NY) and Carolyn McCarthy (D-NY) in introducing 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 2013, modeled after a similar bill passed into law in the wake of Hurricane Katrina, is aimed at providing tax relief for victims of Hurricane Sandy in areas designated as Federal Disaster Areas by the President.
“While the Sandy aid we fought so hard for is finally getting to the communities that desperately need it, we know it’s not going to be enough to help families and businesses fully recover,” said Rep. Pascrell, a member of the House Ways and Means Committee.
“This legislation will go a long way towards filling this gap by providing immediate tax relief to those impacted by Sandy’s devastation. Similar tax relief has been passed following some of our country’s worst natural disasters, and Sandy victims deserve nothing less than the same treatment. Despite stepping up to the plate when other regions of the country have been hit by natural disasters, the Northeast was left waiting more than three months for federal aid following Sandy. We simply can’t allow this double standard to continue to hamper recovery efforts.”
“Seven months after Hurricane Sandy, New Jersey residents and business are continuing the hard work of recovery,” Rep. Rodney Frelinghuysen said. “This legislation gives families the ability to help themselves by targeting tax relief where it’s most needed.”
“While the physical signs of Sandy’s destruction are being repaired and communities are put back together, there remains a significant need to address the unseen negative impact on families and businesses. This bipartisan legislation will ensure equity of treatment to our constituents suffering from a major storm and a vital opportunity to finally put Sandy behind them,” said Rep. Frank LoBiondo.
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:
- Increased allocation of the Low Income Housing Tax Credit for declared disaster areas.
- Waiver of certain mortgage revenue bond requirements, easing access to capital.
Click here to read the full press release.