Federal tax breaks being considered to help financially strapped Hurricane Sandy victims

Posted at 12:06 AM, Dec 10, 2012
and last updated 2012-12-10 01:24:36-05

NEW YORK (PIX11) — There might be a little light at the end of the tunnel for Hurricane Sandy victims… federal tax breaks are being proposed to ease the financial burden. Senators Charles Schumer and Robert Menendez held a joint press conference today to announce the proposals.

Some of the highlights: all Sandy-related expenses would be tax deductible; victims would be able to borrow from their IRA’s without penalty; and businesses that kept employees on the payroll even when the business wasn’t making money would get tax credits.
The proposal wouldn’t cost New York or New Jersey any revenue but it would reduce payments to Washington.