Still Time to Support Tax Relief for Disaster Impacted Communities

Thank Menendez and Schumer for Their Leadership
Deadline to Sign the Letter is May 23, 2014

Senator MenendezOn April, 9, 2014, as original co-sponsors, U.S. Senators Robert Menendez and Charles Schumer introduced S-2233, The National Disaster Tax Relief Act, in order to provide additional assistance to families and businesses struggling to rebuild in the wake of Hurricane Sandy.

Please join Monarch Housing in thanking the Senators for their leadership efforts to expand access to these critical affordable housing and community development tools as these communities recover and rebuild.

To date, 40 New Jersey organizations have signed on to the letter currently circulating and they make up 40% of the total signers from across the country. Organizations still have time to sign on before the extended deadline this Friday, May 23, 2014.

In addition to providing tax relief for the communities impacted by Hurricane Sandy, this bill would also provide relief to all of the communities impacted by federally declared disasters in 2012 and 2013, as well as Hurricane Irene and Tropical Storm Lee from 2011.

The Sandy Tax Relief Act would provide an additional Housing Credit allocation for each affected state, calculated as to $8 per person in the qualifying disaster area or 50% of the state Housing Credit ceiling. Impacted communities would also be eligible to apply for an additional NMTC allocation of $500 million.

Senator Charles Schumer There are twenty-two states that would qualify for the tax relief provided in S. 2233. In addition to New Jersey they are: Alabama, Alaska, Colorado, Connecticut, Florida, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Mississippi, New Hampshire, New York, North Carolina, Oklahoma, Pennsylvania, Rhode Island, Tennessee, Vermont and West Virginia.

We encourage you to reach out to your partners in other impacted states to sign on as well.

Click here to sign the letter.

Click here for the S. 2233 bill summary and here for the bill text.

Click here to view the list of NJ signers.