Tax relief for Gulf Coast residents affected by Hurricane Katrina could be approved and on the desk of President Bush by late this week under an agreement House and Senate negotiators hammered out late Tuesday.[@@]
"I anticipate quick passage of this bill in both the House and Senate, followed by the president's signature, so that the victims of Hurricane Katrina can begin to immediately benefit from this tax relief," says Rep. Jim McCrery, R-La.
The House could act on the final version of the bill today, and the Senate could act by the end of the week.
Provisions of the final version of the bill would:
- Increase the limit on tax-deductible casualty losses.
- Extend the period in which homes or businesses have to recognize gains on property damaged or destroyed as a result of a federally designated catastrophe.
