ALBANY, N.Y. (AP) — 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 repair expenses fully tax deductible, reducing the tax bite of victims in 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 and waive penalties for victims who have to withdraw from their retirement accounts to pay for storm costs.
"These changes to existing tax law are a common sense and simple way to help disaster victims, and a quick way to get them aid to repair their homes, to recover losses, and to support their businesses," Schumer said.
Businesses would see a tax credit for continuing to pay employees even when the business was shut down.
"This bill will provide critical tools to help families recover their losses, rebuild shattered businesses and restore communities devastated by the storm," Menendez said.
Friday, May 24 2013 8:56 AM EDT2013-05-24 12:56:43 GMT
U.S. orders for long-lasting manufactured goods rebounded in April, buoyed by more demand for military and civilian aircraft and an increase in business investment.
U.S. orders for long-lasting manufactured goods rebounded in April, buoyed by more demand for military and civilian aircraft and an increase in business investment.
Thursday, May 23 2013 10:17 PM EDT2013-05-24 02:17:32 GMT
New Jersey officials have seized inventory and demanded records from 29 bars and restaurants, nearly half of them TGI Fridays, that they say sold low-quality liquor to patrons who thought they were buying premium brands.
New Jersey officials have seized inventory and demanded records from 29 bars and restaurants, nearly half of them TGI Fridays, that they say sold low-quality liquor to patrons who thought they were buying premium brands.
Thursday, May 23 2013 1:43 PM EDT2013-05-23 17:43:15 GMT
Kerry Kennedy has joined farmworkers protesting outside Wendy's shareholder meeting in Manhattan.
Kerry Kennedy has joined farmworkers protesting outside Wendy's shareholder meeting in Manhattan. The protesters said Thursday they want Wendy's to sign an agreement to safeguard working conditions for Florida tomato pickers.
Thursday, May 23 2013 11:39 AM EDT2013-05-23 15:39:41 GMT
Average rates on fixed mortgage rose for the third straight week, hitting their highest levels since mid-March. Still, mortgage rates remained close to historic lows, a trend that should help sustain the housing recovery.
Average rates on fixed mortgage rose for the third straight week, hitting their highest levels since mid-March. Still, mortgage rates remained close to historic lows, a trend that should help sustain the housing recovery.
Wednesday, May 22 2013 10:21 PM EDT2013-05-23 02:21:55 GMT
Cooking used to be as simple as putting heat to meat…but not anymore. There are all sorts of high tech gadgets designed to help make our lives simpler and tastier.
Cooking used to be as simple as putting heat to meat…but not anymore. There are all sorts of high tech gadgets designed to help make our lives simpler and tastier.
Wednesday, May 22 2013 2:35 PM EDT2013-05-22 18:35:57 GMT
When it comes to breaking through to the other side, forget Victoria's Secret. Another company, Australia-based HommeMystere, has already done it with lingerie for men.
When it comes to breaking through to the other side, forget Victoria's Secret. Another company, Australia-based HommeMystere, has already done it with lingerie for men.
Wednesday, May 22 2013 10:04 AM EDT2013-05-22 14:04:00 GMT
Chairman Ben Bernanke is telling Congress that the U.S. job market remains weak and that it is too soon for the Federal Reserve to end its extraordinary stimulus programs.
Chairman Ben Bernanke is telling Congress that the U.S. job market remains weak and that it is too soon for the Federal Reserve to end its extraordinary stimulus programs.
Tuesday, May 21 2013 5:25 PM EDT2013-05-21 21:25:20 GMT
Gov. Andrew Cuomo and St. Regis Mohawk tribal leaders have signed an agreement to ensure the Mohawks keep their exclusive casino territory in northern New York while paying the state $30 million in gambling
Gov. Andrew Cuomo and St. Regis Mohawk tribal leaders have signed an agreement to ensure the Mohawks keep their exclusive casino territory in northern New York while paying the state $30 million in gambling
Friday, May 24 2013 6:09 PM EDT2013-05-24 22:09:59 GMT
New York State has 17,000 highway bridges. There are some bad ones. The Tappan Zee Bridge, for example, is set to be replaced because of aging infrastructure.
New York State has 17,000 highway bridges. There are some bad ones. The Tappan Zee Bridge, for example, is set to be replaced because of aging infrastructure.
Authorities say police divers will be back in the Hudson River to resume the search for a man who went into the water while fishing from an Albany-area dock.
Authorities say police divers will be back in the Hudson River to resume the search for a man who went into the water while fishing from an Albany-area dock.
Friday, May 24 2013 12:50 PM EDT2013-05-24 16:50:33 GMT
County sheriffs have asked to join the federal lawsuit challenging New York's tough new gun restrictions, calling some provisions vague and impossible to enforce fairly.
County sheriffs have asked to join the federal lawsuit challenging New York's tough new gun restrictions, calling some provisions vague and impossible to enforce fairly.
Thursday, May 23 2013 8:50 PM EDT2013-05-24 00:50:04 GMT
Heavy downpours sparked flash flooding across the tristate area on Thursday. The National Weather Service issued numerous weather alerts for many counties in New York, New Jersey, and Connecticut.
Heavy downpours sparked flash flooding across the tristate area on Thursday. The National Weather Service issued numerous weather alerts for many counties in New York, New Jersey, and Connecticut.
Wednesday, May 22 2013 10:08 PM EDT2013-05-23 02:08:29 GMT
A bus chaperone is accused of going on a profanity-laced tirade towards a group of 12 and 13-year-olds and a piece of candy may be what started the incident.
A bus chaperone is accused of going on a profanity-laced tirade towards a group of 12 and 13-year-olds and a piece of candy may be what started the incident.
Wednesday, May 22 2013 6:15 PM EDT2013-05-22 22:15:21 GMT
An Army soldier has been charged with secretly photographing and videotaping women at the U.S. Military Academy at West Point, including in a bathroom.
An Army soldier has been charged with secretly photographing and videotaping women at the U.S. Military Academy at West Point, including in a bathroom.
Wednesday, May 22 2013 8:10 AM EDT2013-05-22 12:10:21 GMT
Commuter rail service from Connecticut to New York City, along with Amtrak service between Boston and New York, was back on schedule Wednesday morning on one of the nation's oldest and most heavily traveled railways.
Commuter rail service from Connecticut to New York City, along with Amtrak service between Boston and New York, was back on schedule Wednesday morning on one of the nation's oldest and most heavily traveled railways.
Wednesday, May 22 2013 7:42 AM EDT2013-05-22 11:42:24 GMT
The National Weather Service is looking into whether a tornado touched down in a rural eastern New York county during a series of severe thunderstorms that rumbled across the upstate region.
The National Weather Service is looking into whether a tornado touched down in a rural eastern New York county during a series of severe thunderstorms that rumbled across the upstate region.
