Cassidy attaches Louisiana flood aid to Senate tax rewrite
BATON ROUGE, La. (AP) — U.S. Sen. Bill Cassidy says he’s attached to the Senate tax overhaul legislation special disaster tax breaks for people affected by south Louisiana’s devastating flood last year.
Cassidy said in a statement Wednesday that his amendment, if it wins final passage from Congress, would offer $200 million in tax relief to his state’s flood victims.
The aid would be for Louisiana residents with damage from the August 2016 flooding, but not the March 2016 flooding in north Louisiana.
The Republican senator’s office says the tax provisions would allow people to withdraw some money from retirement accounts without penalty for storm-related expenses and to deduct personal casualty losses from the storm above $500 from their income tax liability.
Congress already has approved similar tax relief for victims of this year’s hurricanes.