Late last month, President Trump signed the Disaster Tax Relief and Airport and Airway Extension Act of 2017 into law after Congress approved the bill.
The White House stated the bill would “provide targeted tax relief for taxpayers impacted by Hurricanes Harvey, Irma and Maria. In addition to supporting these tax relief measures, the administration will submit further requests to the Congress for supplemental funding in the near future, and looks forward to working with Congress to enact these recovery measures into law.”
Among other things, the bill will help by:
If you or your business has been impacted by these recent storms and want to understand better how this new act can be used to your advantage, contact Doeren Mayhew’s tax advisors today.
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