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Tax Relief for Flood Victims Tucked into Bailout Bill

 
mopar28m
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10/04/2008 06:26 PM

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Tax Relief for Flood Victims Tucked into Bailout Bill
[link to www.kcrg.com]

CEDAR RAPIDS - The economic bailout bill comes with an added surprise... tax relief for Iowa disaster victims.

On Friday the House passed the $700-billion bill to rescue the country's troubled banks. And eastern Iowa leaders started celebrating, but their enthusiasm had nothing to do with the financial crisis.

Tucked into the bailout bill are 27 pages of other little provisions that has elected leaders jumping for joy. (read at left)

When Congress passed the bailout bill, they also passed a lot of tax incentives for Iowa. Local leaders say this amounts to hundreds of millions of dollars in tax help for any and all flood victims, both residential and commercial.

"This means come January one, you get to go to your tax preparer, you sit down and you file your taxes just as soon as you can. And you will get more money back. That's the part that is so particularly wonderful about this," said Linda Langston, Linn County Supervisor.

The tax help will come for everybody, even if you just take the standard deduction every year. This all got passed Friday afternoon so everyone we spoke with is still sorting out all the benefits.
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