4th District Congressman Randy Feenstra on Wednesday introduced the “Storm Recovery and Community Restoration Act” to help Iowa families and communities recover and rebuild following severe storms, including recent flooding.
The legislation gives taxpayers the most flexibility with their finances as they recover from storms by removing limitations on charitable contributions made through December of this year and eliminating tax penalties on those who need access to their savings for recovery purposes.
Earlier this year, Feenstra voted for, and the U.S. House of Representatives passed, the “Tax Relief for American Families and Workers Act” which introduces a provision that allows taxpayers to deduct unreimbursed losses from the floods from federal income taxes.
