Congress eyes tax breaks for victims.

Investment News, September, 2001 by Hansard, Sara

Estate levy to be bypassed, income taxes waived In the wake of the terrorist attacks, the U.S. Congress is moving quickly to pass a bill giving substantial income and estate tax relief to the victims. Two days after the Sept. 11 attack on the World Trade Center and the Pentagon, the House of Representatives by a vote of 418-0 approved legislation that would exempt victims' income from taxes in the year of their death and would reduce estate tax liability by more than half.

"Practically speaking, there's a lot of tax savings in here," says J.J. MacNab, owner of Insurance Barometer LLC, a Bethesda, Md., independent insurance analysis firm. "This wipes out federal taxes for almost everybody in that building." BENEFITS EXTENDED The bill...

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