Olson Acts to Provide Temporary Tax Relief to Harvey Victims
Rep. Pete Olson (TX-22) today acted to help families impacted by Hurricanes Harvey, Irma and Maria by voting to deliver temporary tax relief for those directly impacted by these storms. Olson voted for H.R. 3823, the Disaster Tax Relief and Airport and Airway Extension Act, which allows individuals to access their 401-K retirement funds to pay for recovery and waives the 10 percent early withdrawal penalty for qualified hurricane relief distributions. It also provides a higher deduction for the cost of property damages, gives a tax credit on wages paid to disaster-affected employees, and encourages charitable contributions for hurricane relief. The bill passed the House by a vote of 264-155.
“Hundreds of thousands of Americans have been shattered by Hurricanes Harvey, Irma and Maria,” Rep. Pete Olson said. “Folks have lost their businesses, cars and homes from the devastation. This bill will provide some much needed relief for those affected by these natural disasters, and is just another step the House is taking to make families and communities whole again. I’m thankful that my House colleagues acted quickly to make it easier for Texans and others affected by these hurricanes to recover as soon as possible. I urge my Senate colleagues to also act quickly.”
CLICK HERE to learn more about how H.R. 3823 will help people in Texas, Florida, Puerto Rico, and the Virgin Islands.