Senator Burr and Senator Tillis, along with several others, introduced bipartisan legislation yesterday that would provide tax relief to victims of several 2018 natural disasters. You can read more here.
The Association was pleased to receive this news following our conversations with Congress more recently in addition to our meetings on Capitol Hill in May, when we specifically advocated for this tax relief. We wish to extend many thanks to NCACPA members who contacted their representatives on this issue.
Similar legislation was introduced last year and did not progress. Introducing new legislation starts the “life cycle” of the bill over again, giving it new momentum and a better chance of passing. This bill will go to the Committee on Finance next; we will keep you updated as it moves forward.