Legislators Produes Bipartisan Bill on Tax Relief for Flood Victims

From the House Democratic Caucus
(Nashville) — House Democrats and Republicans filed a bill Tuesday to provide tax relief for flood and tornado victims.
Tennesseans that qualify for Federal Emergency Management Agency assistance authorized by President Barack Obama, under the measure, could buy appliances, building materials and home furnishings tax free through the end of the year.
“The most important thing right now is for everyone to keep all their receipts until this legislation is approved,” said House Democratic Leader Craig Fitzhugh (D-Ripley). “We’ve got to help our friends and neighbors get back on their feet. We plan to move this legislation through as quickly as possible, so that Tennesseans can start putting their lives back together.”
The proposal provides for tax exemptions on household appliances up to $3,200 per item, building materials up to $500 per item and furnishings up to $3,200 per item. The exemptions are capped at $2,500 per household. Also, a $25,000 fine would be imposed on anyone who fraudulently applies for the assistance.
The deadline for filing receipts with the Department of Revenue is February 29, 2011.
“Our hearts go out to those that lost so much due to these terrible acts of nature,” said House Democratic Floor Leader Lois DeBerry (D-Memphis). “We’ll be issuing more information on how to apply for these tax refunds when the bill passes next week.”

One thought on “Legislators Produes Bipartisan Bill on Tax Relief for Flood Victims

Leave a Reply