[StBernard] Landrieu Comments on Second Senate Vote Blocking Road Home Tax Relief
Westley at da-parish.com
Tue Jun 17 23:53:18 EDT 2008
Landrieu Comments on
Second Senate Vote Blocking Road Home Tax Relief
WASHINGTON - U.S. Senator Mary L. Landrieu, D-La., today commented on the
Senate's second vote in seven days vote to block legislation that would have
provided significant tax relief to Gulf Coast homeowners and businesses. The
Senate again secured a majority in the 52-to-44 vote, but Senate procedural
rules required 60 votes for the legislation to move forward. It had passed
the House of Representatives by a 263-to-160 vote last month, and includes
language originally crafted by Sen. Landrieu to relieve many Louisiana
homeowners from having to pay taxes on their Road Home rebuilding grants.
Sen. Landrieu is working to include the provisions in other legislation
moving through Congress this month.
The "Road Home Tax" assistance would apply to homeowners who took a casualty
loss deduction on their 2005 federal tax returns to account for damage to
their homes following Hurricanes Katrina and Rita. These homeowners were
subsequently required by the Internal Revenue Service (IRS) to pay income
tax on their rebuilding grants.
"The Senate today passed on giving Americans significant tax relief, instead
voting to protect offshore tax havens and hedge fund managers from
attempting to delay payment on taxes," Sen. Landrieu said.
"Many homeowners in Louisiana struggling to rebuild were hit with huge,
unexpected tax bills on their rebuilding grants. The Senate had an
opportunity today to fix this injustice for the people of the Gulf Coast,
but chose instead to vote against a bill that also extends tax relief for
which businesses across America are clamoring. I will not stop my fight for
the Road Home tax fix."
Both the House- and Senate-passed bills also benefit the Gulf Coast by
removing the deadline under which businesses are required to begin
construction of new ventures in hurricane-affected areas in order to benefit
from Gulf Opportunity Zone (GO Zone) bonus depreciation tax benefits.
Currently, only projects that began on December 31, 2007 are eligible for
the tax relief. Under the Landrieu plan, no commencement deadline would
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