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.”