alliantgroup Applauds Disaster Tax Relief Legislation

The Disaster Tax Relief and Airport and Airway Extension Act of 2017 was recently signed into law by the president. The new legislation is targeted to provide tax relief to victims of Hurricanes Harvey, Irma and Maria.

Qualifying businesses with locations within the disaster zones can request a retention tax credit, which will provide up to a maximum wage base of $6,000 for companies that paid their employees throughout the timeframe of the disaster.

The bill also specifies that private flood insurance offered outside of the National Flood Insurance Program satisfies the requirement for homeowners that are located in a flood zone to maintain coverage on properties that have federally-backed mortgages.

The legislation also modifies several tax provisions for individuals and businesses in areas affected by Hurricanes Harvey, Irma, and Maria and extends several expiring federal aviation and public health programs.

“This legislation will provide much needed relief to the people, communities and businesses that are still recovering from these devastating storms,” said Dhaval Jadav, alliantgroup CEO. “We know the road to rebuilding the areas affected by storms this season is a long one and the support of our national government it needed.”

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About the Author

alliantgroup’s mission is one of education and awareness—we exist to help industry organizations, businesses and the accounting firms that advise them take full advantage of all federal and state tax credits, incentives and deductions available. These powerful incentive programs are legislated by the government to help businesses grow and remain competitive locally as well as abroad. We are proud to have helped over 16,000 businesses claim more than $8 billion in tax incentives. alliantgroup’s international headquarters is in Houston, Texas, with offices across the country and internationally including New York, Boston, Chicago, Orange County, Sacramento, Indianapolis, Washington, D.C and London and Bristol in the U.K.