ALBANY, N.Y. (AP) — Two Democratic senators are proposing federal tax breaks to help victims recover faster from Superstorm Sandy.
Sens. Charles Schumer of New York and Robert Menendez of New Jersey want to make all repair expenses fully tax deductible, reducing the tax bite of victims in their returns covering the current year.
The breaks would also include credits to subsidize home and business repairs and help businesses keep workers on the payroll.
The proposal wouldn't cost either state any of its scarce revenues as they try to rebound. But it would reduce payments to Washington as it seeks to reduce deficits.
The breaks announced Sunday would also provide relief for those who provided free temporary housing for victims and waive penalties for victims who have to withdraw from their retirement accounts to pay for storm costs.
"These changes to existing tax law are a common sense and simple way to help disaster victims, and a quick way to get them aid to repair their homes, to recover losses, and to support their businesses," Schumer said.
Businesses would see a tax credit for continuing to pay employees even when the business was shut down.
"This bill will provide critical tools to help families recover their losses, rebuild shattered businesses and restore communities devastated by the storm," Menendez said.
Monday, May 20 2013 11:17 AM EDT2013-05-20 15:17:26 GMT
Seamless North America and GrubHub say they're combining to create an online food ordering service covering more than 20,000 restaurants in 500 cities across the U.S.
Seamless North America and GrubHub say they're combining to create an online food ordering service covering more than 20,000 restaurants in 500 cities across the U.S.
Actavis is buying Warner Chilcott in an all-stock transaction valued at about $8.5 billion which would create the third-biggest specialty pharmaceutical company in the U.S.
Actavis is buying Warner Chilcott in an all-stock transaction valued at about $8.5 billion which would create the third-biggest specialty pharmaceutical company in the U.S.
The price of oil fell Monday ahead of the release later this week of economic data from the U.S. and China, the world's two largest economies, and a speech by the Federal Reserve chief.
The price of oil fell Monday ahead of the release later this week of economic data from the U.S. and China, the world's two largest economies, and a speech by the Federal Reserve chief.
Sunday, May 19 2013 6:53 PM EDT2013-05-19 22:53:31 GMT
Some lucky person walked into a Publix supermarket in suburban Florida over the past few days and bought a ticket now worth an estimated $590.5 million — the highest Powerball jackpot in history.
Some lucky person walked into a Publix supermarket in suburban Florida over the past few days and bought a ticket now worth an estimated $590.5 million — the highest Powerball jackpot in history.
Friday, May 17 2013 8:53 PM EDT2013-05-18 00:53:52 GMT
The New Jersey Sports and Exposition Authority has approved the master plan for the American Dream megamall in the Meadowlands sports complex. The approval at Friday's special board meeting means the
The New Jersey Sports and Exposition Authority has approved the master plan for the American Dream megamall in the Meadowlands sports complex. The approval at Friday's special board meeting means the
Friday, May 17 2013 11:36 AM EDT2013-05-17 15:36:32 GMT
The small glass bottle filled, and refilled, with golden olive oil has long been a staple on many restaurant tables across Europe. Now, the European Union is going to ban it.
The small glass bottle filled, and refilled, with golden olive oil has long been a staple on many restaurant tables across Europe. Now, the European Union is going to ban it.
Friday, May 17 2013 11:04 AM EDT2013-05-17 15:04:49 GMT
(AP Photo/Charles Dharapak)
The Treasury Department's top investigator for tax matters is telling Congress that he is still investigating whether outside political pressure caused the Internal Revenue Service to improperly target conservative groups.
The Treasury Department's top investigator for tax matters is telling Congress that he is still investigating whether outside political pressure caused the Internal Revenue Service to improperly target conservative groups seeking tax-exempt status.
Friday, May 17 2013 6:46 AM EDT2013-05-17 10:46:58 GMT
The numbers sum up the frenzy that has taken over the Golden State since it joined the madness over Powerball, which has seen its jackpot soar to $550 million for Saturday's drawing.
The numbers sum up the frenzy that has taken over the Golden State since it joined the madness over Powerball, which has seen its jackpot soar to $550 million for Saturday's drawing.
Monday, May 20 2013 6:30 PM EDT2013-05-20 22:30:03 GMT
Repair work on tracks that were damaged in last week's train collision has progressed quickly enough that the MTA predicts restoring full service along the New Haven line by Wednesday morning.
Repair work on tracks that were damaged in last week's train collision has progressed quickly enough that the MTA predicts restoring full service along the New Haven line by Wednesday morning.
Monday, May 20 2013 5:58 AM EDT2013-05-20 09:58:10 GMT
The Connecticut Department of Transportation and Metro-North Railroad released the following information regarding service on the New Haven commuter rail line
The Connecticut Department of Transportation and Metro-North Railroad released the following information regarding service on the New Haven commuter rail line
Sunday, May 19 2013 8:05 PM EDT2013-05-20 00:05:54 GMT
Amtrak announced Sunday night that service remains suspended between New York and New Haven, with limited Amtrak service available between Boston and New Haven.
Amtrak announced Sunday night that service remains suspended between New York and New Haven, with limited Amtrak service available between Boston and New Haven.
Sunday, May 19 2013 6:42 PM EDT2013-05-19 22:42:18 GMT
U.S. Senator Kirsten Gillibrand (D-NY) announced a new legislation to reduce debt on federal loans. Gillibrand is proposing the "Federal Student Loan Refinancing Act"
U.S. Senator Kirsten Gillibrand (D-NY) announced a new legislation to reduce debt on federal loans. Gillibrand is proposing the "Federal Student Loan Refinancing Act"
Friday, May 17 2013 8:28 PM EDT2013-05-18 00:28:27 GMT
Democratic Assemblyman Vito Lopez, who represents New York City, said he will resign June 20 amid a sexual harassment scandal and run for a City Council seat.
Democratic Assemblyman Vito Lopez, who represents New York City, said he will resign June 20 amid a sexual harassment scandal and run for a City Council seat.
Thursday, May 16 2013 6:06 PM EDT2013-05-16 22:06:34 GMT
A smuggling ring that made a fortune selling more than a million cartons of untaxed cigarettes in New York may have funneled some of the illicit proceeds to terrorist groups, authorities said.
A smuggling ring that made a fortune selling more than a million cartons of untaxed cigarettes in New York may have funneled some of the illicit proceeds to terrorist groups, authorities said.
Thursday, May 16 2013 2:49 PM EDT2013-05-16 18:49:22 GMT
Powerball's estimated jackpot has soared to $550 Million dollars for Saturday's drawing after none of the tickets sold for the Powerball game Wednesday evening matched all six numbers drawn.
Powerball's estimated jackpot has soared to $550 Million dollars for Saturday's drawing after none of the tickets sold for the Powerball game Wednesday evening matched all six numbers drawn.
