Hagan supports tax relief bill

Published 11:20 pm Friday, June 17, 2011

WASHINGTON, D.C.  – U.S. Senator Kay R. Hagan (D-NC) on Wednesday co-sponsored the bipartisan Southeastern Disaster Tax Relief Act to give much-needed tax relief to North Carolinians working to rebuild after April’s devastating storms and tornadoes.

“This spring, some of the worst storms and tornadoes in decades hit North Carolina, and I am working with Governor Perdue and local officials to help our communities rebuild,” said Hagan, a member of the Senate Banking Committee. “This bill will provide critical tax relief to our North Carolina families and businesses working to pick up the pieces left by April’s violent storms. My prayers continue to be with the families who lost loved ones in this tragedy. We will continue to rebuild until our communities are made whole again, and I am working with my colleagues on both sides of the aisle to advance this commonsense tax relief bill.”

This bill is fully paid for and would establish a Southeastern disaster area comprised of counties that were affected by the recent tornadoes, severe storms and flooding.  For counties to be eligible for the benefits in the bill, they must be presidentially declared major disaster areas and determined by the president to warrant individual and/or public assistance between April 13, 2011, and June 7, 2011.

North Carolina counties eligible under this guideline are: Bertie, Bladen, Craven, Cumberland, Currituck, Greene, Halifax, Harnett, Hertford, Hoke, Johnston, Lee, Onslow, Pitt, Robeson, Sampson, Tyrell, Wake and Wilson.

Some of the key credits in the bill include expensing for demolition and clean up costs, education benefits, and early withdrawals from retirement plans so storm victims rebuilding will not be penalized.

North Carolinians affected by the storms can contact Senator Hagan’s office toll-free at 877-852-9462 with questions or concerns or visit www.hagan.senate.gov/stormrecovery.

The bipartisan bill was sponsored by Senate Banking Committee Ranking Member Richard Shelby (AL). In addition to Hagan, other original cosponsors include: Jeff Sessions (AL), Mark Pryor (AR), John Boozman (AR), Johnny Isakson (GA), Saxby Chambliss (GA), Claire McCaskill (MO), Roy Blunt (MO), and James Inhofe (OK).