Pascrell, Reed Introduce Disaster Tax Relief Bill

Runyan, Pallone, Sires and Holt Co-Sponsor
Urge Your Member to Join Them

Congressman Bill PascrellOn Friday, July 11, 2014, Representatives Bill Pascrell and Tom Reed (NY) filed H.R. 5082, the House Disaster Tax Relief Bill.

This legislation provides additional assistance to families and businesses struggling to rebuild in the wake of Hurricane Sandy. It is companion to a bill introduced in the Senate by Senators Menendez and Schumer.

To date, the following members of New Jersey’s congressional delegation have joined Congressman Pascrell as co-sponsors of this critical legislation:

We appreciate their early leadership on this issue and encourage the remaining six members of our delegation to join them as co-sponsors.

If your member of the House has not yet signed on, please take two minutes today to email his housing staffer and urge him to become a co-sponsor. Click here for a contact sheet of House Members and their housing staffers.

To sign on, members of Congress should contact Artie Mandel with Mr. Pascrell or Phillips Hinch with Mr. Reed.

As additional background, this legislation would provide additional Low Income Housing Tax Credits (LIHTCs) for areas impacted by a federally declared disaster in 2012, 2013, and 2014, as well as for communities impacted by Hurricane Irene and Tropical Storm Lee in 2011. Communities in 24 states would benefit.

The measure would provide a LIHTC allocation of the greater of $8 per individual in the disaster areas or 50% of the state’s LIHTC ceiling. Communities would also be eligible to apply for an extra New Markets Tax Credit allocation totaling $500 million.

Once additional House co-sponsors are secured, we will work to use the bipartisan co-sponsorship in the House to secure more Senate sponsors.

Click here for a spreadsheet showing which NJ Representatives’ districts that would benefit from the legislation.