WASHINGTON (Gray DC) -- Hurricane victims could soon be getting some tax relief thanks to a local congressman.
At the end of last year, Congressman Neal Dunn first introduced this bill that would provide tax relief for survivors of Hurricane Michael. This year, Dunn said H.R. 1148 could also apply to victims of other natural disasters in the U.S. like wildfires, volcanoes, etc.
The bill would allow victims to access their 401K plans/pensions, IRA plans, etc. with no penalty and refill the plans with no financial hit. Dunn said this could be a really big help as many victims still haven’t seen funds stream in from their insurance, and pensions could be their biggest pot of money to access in the interim. The bill would also give a tax credit to employers so they have more incentive to keep their workers on payrolls.
"It's important because it gives people access to the cash to get to repair their lives, their homes, their vehicles and get back in the game if you will. And we all think we're going to have some insurance or some FEMA money or some SBA loan, something that's going to help us too. But in the meantime, it's an urgent need," explained Dunn.
Dunn added that his money is essential to many survivors who urgently need help paying bills, repairing their properties and businesses, buying a new car, etc. as they wait on disaster supplemental support.
Dunn said they couldn’t get the effort over the finish line last year, so it’s been put forward again with South Carolina Republican Representative Tom Rice as the leading bill sponsor. Dunn is a cosponsor, along with Democratic Representative Gregorio Kilili Camacho Sablan.