AP: Senators propose federal tax breaks for Sandy victims
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 disaster repair expenses fully tax deductible. That would reduce the tax bite for victims on 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.
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