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Central Louisiana News

Wednesday, December 18, 2024

Senate passes Cassidy-led hurricane tax relief bill

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Senator Bill Cassidy | Sen. Bill Cassidy Official Website

Senator Bill Cassidy | Sen. Bill Cassidy Official Website

U.S. Senator Bill Cassidy has announced the passage of a bill designed to offer tax relief to individuals affected by Hurricanes Francine and Ida. The legislation permits victims of Hurricane Ida and other major natural disasters declared by the President to deduct disaster-related personal casualty losses from their income, even if they opt for the standard deduction. The Senate approved the bill through unanimous consent, and it now awaits the president's signature.

"Three years after Hurricane Ida and months after Hurricane Francine hit Louisiana, communities are still recovering, and every bit helps," stated Dr. Cassidy. "We are one step closer to providing more resources to Louisianans who need that money to rebuild their lives."

The proposed law also aims to eliminate the requirement that losses must exceed 10% of adjusted gross income before deductions can be claimed.

This initiative is part of Senator Cassidy's ongoing efforts to assist Louisiana residents impacted by Hurricane Ida. It follows his previous actions in securing similar tax relief measures in 2020 for victims of Hurricane Laura and in 2017 for those affected by the Great Floods of 2016.

Cassidy's bill was included in a broader tax package that also featured provisions for wildfire survivors receiving compensation during a Presidentially-declared disaster, which Cassidy supported. Additionally, the package provided relief for victims of the East Palestine railroad tragedy.

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