Marianas in disaster tax relief

Dec 3, 2018

The Marianas have been included in theĀ Disaster Tax Relief billĀ introduced in the House this week. The legislation allows individuals affected by named disasters, such as Typhoon Mangkhut and Super Typhoon Yutu, to withdraw money from retirement accounts to use for recovery and and later re-contribute money to the account. Survivors would als be eligible to extend loan repayments. Employers, who keep their staff after a storm, would get a a tax credit for 40 percent of wages paid, up to $6,000 per employee. Special rules would also be applied to income qualifying for the Child Tax Credit. The bill specifically provides that the U.S. Treasury make payments to the Commonwealth government equal to any revenue losses resulting from these disaster tax relief provisions.