Senators Praise Senate Passage of Hurricane Tax Relief Bill

Senators Praise Senate Passage of Hurricane Tax Relief Bill

The Senate sponsors of tax legislation to help Hurricane Katrina victims today praised Senate passage of the measure and said they hope for swift reconciliation with the House version and final passage. The Senate passed the bipartisan bill by unanimous consent.

Introduced Tuesday, the bill offers tax relief to help hurricane victims rebuild their homes, restore their possessions, access housing, and find jobs. It also offers a series of charitable giving tax incentives to promote charitable aid for hurricane victims. The bill originated in the Committee on Finance from Sen. Chuck Grassley, chairman, and Sen. Max Baucus, ranking member. Original cosponsors are Sens. Trent Lott and Thad Cochran of Mississippi, Mary Landrieu and David Vitter of Louisiana, and Richard Shelby of Alabama.

The senators intend for the measure to offer short-term help to hurricane victims and are developing a separate measure to provide long-term tax relief toward the rebuilding and rejuvenation of hurricane-affected areas. Meanwhile, Grassley and Baucus have unveiled a comprehensive health care and welfare assistance measure that they hope will attract original co-sponsors and also receive quick Senate approval.

The Senate sponsors of the tax measure approved today made the following comments on that measure:

Senator Grassley said: "This can't come fast enough. We need to get these tax incentives on the books and help people make a fresh start. The Midwest bounced back from the great flood of 1993 and the Gulf region will come back, too. With this first initiative from the Finance Committee, and more to come, we want Katrina's victims to know they can count on us for help in regaining a good quality of life in the Gulf region."

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http://finance.senate.gov/press/Gpress/2005/prg091505a.pdf