Storm Relief Act Could Help Homeowners in Floods
By: Web Producer
Updated: June 17, 2008
Indiana Congressman Baron Hill has introduced legislation that would double the emergency assistance given to people flooded out of their homes.
The increase in grant money would apply to counties declared individual disaster areas by the president in Indiana, Iowa, Minnesota, and Wisconsin.
These grants cover basic needs and costs such as temporary lodging, clothes, and food.
The bill would also waive the 10% limit of casualty loss currently permitted to deduct from income taxes.
If the Midwest Storm Relief Act passes, this provision would allow a person to deduct up to 100% of their losses on their federal income taxes.
