WASHINGTON – U.S. Sens. Joni Ernst, R-Iowa, and Chuck Grassley, R-Iowa, introduced legislation to provide tax relief for Iowans in areas impacted by the recent devastating floods.

“My number one focus right now remains squarely on how to get our fellow Iowans the help and support they need—and to get it as quickly as possible,” Ernst said. “This bill will help provide important and badly-needed relief for Iowans in disaster areas.”

“Families and businesses in Iowa and throughout the nation are working to rebuild their lives and reopen the doors of their businesses after the terrible disasters that have ravaged parts of the nation. The Disaster Tax Relief Act of 2019, which includes a series of disaster tax relief provisions, would give a hand up to Americans who are trying to move forward and get their lives back on track and businesses trying to get up and running again,” Grassley stated.

The Disaster Tax Relief Act of 2019 would provide tax relief for individuals in areas of Iowa and Nebraska that have been declared a major disaster by the president.

Benefits under the bill include special rules allowing access to retirement funds, a special tax credit for employee retention during business interruption, suspension of limits on deductions for certain charitable contributions, special rules for deductions for disaster-related personal casualty losses, and special rules for measurement of earned income for purposes of qualification for tax credits.  A more detailed summary of the bill is available here.

U.S. Sens. Deb Fischer, R-Neb., is an additional sponsor in the U.S. Senate and U.S. Rep. Adrian Smith, R-Neb., is the sponsor in the House.

Caffeinated Thoughts provides free news and commentary on culture, current events, faith, and politics, and we are dependent upon readers like you to keep us going. Please consider becoming a monthly patron or making a one-time donation. Every little bit helps!

Get CT In Your Inbox!

Don't miss a single update.

You May Also Like

Assessing the 2018 Iowa Legislative Session: My Top Five Highlights

Shane Vander Hart thinks the passage of the fetal heartbeat abortion ban, tax reform, Right to Keep and Bear Arms Amendment, sanctuary city/county ban, and keeping Iowa’s statewide assessment development in the state are the top five highlights from the 2018 Iowa Legislative session.

Bohlken: Coronavirus, Abortion & Slavery

Donald Bohlken: “Hopefully, our present fear and suffering will be like Jefferson’s firebell in the night. May it awaken us to the pain caused by abortion.”

Ernst: House Democrats Need to Pass USMCA

327 days after President Trump signed USMCA, U.S. Senator Joni Ernst called on House Democrats to pass the trade deal with Canada and Mexico.

Senator Ted Cruz to Headline Iowa GOP Summer Picnic

Iowa GOP Chairman A.J. Spiker announced that Senator Ted Cruz (R-IA) will keynote the Republican Party of Iowa’s summer picnic.