Financial Services Industry
Industry: Email Alert RSS FeedDisaster grants may get tax break.(Tax Watch)
Investment News, March, 2005
Byline: Mark Battersby Recipients of some federal disaster relief funds are a step closer to not having to pay taxes on the grants, following recent congressional action. Legislation (HR 1134) intended to end the taxation of so-called disaster mitigation grants from the Federal Emergency Management Agency recently sailed through the House.
The FEMA grants help individuals fix up their property and mitigate future damages from natural disasters such as the hurricanes that struck Florida last year, according to Rep. Mark Foley, R-Fla., a House Ways and Means Committee member, who proposed the bill. A 2004 ruling by the Internal Revenue Service concluded that recipients are subject to tax on the grants. Mr. Foley's bill generated...
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