ALBANY, N.Y. (AP) — Two Democratic senators are proposing federal tax breaks to help victims recover faster from Superstorm Sandy.
Sens. Charles Schumer of New York and Robert Menendez of New Jersey want to make all repair expenses fully tax deductible, reducing the tax bite of victims in their returns covering the current year.
The breaks would also include credits to subsidize home and business repairs and help businesses keep workers on the payroll.
The proposal wouldn't cost either state any of its scarce revenues as they try to rebound. But it would reduce payments to Washington as it seeks to reduce deficits.
The breaks announced Sunday would also provide relief for those who provided free temporary housing for victims and waive penalties for victims who have to withdraw from their retirement accounts to pay for storm costs.
"These changes to existing tax law are a common sense and simple way to help disaster victims, and a quick way to get them aid to repair their homes, to recover losses, and to support their businesses," Schumer said.
Businesses would see a tax credit for continuing to pay employees even when the business was shut down.
"This bill will provide critical tools to help families recover their losses, rebuild shattered businesses and restore communities devastated by the storm," Menendez said.
Tuesday, June 18 2013 2:57 PM EDT2013-06-18 18:57:05 GMT
Chrysler photo via AP
Chrysler said it has resolved its differences with the government and will recall older Jeep Grand Cherokee and Liberty SUVs that could be at risk of a fuel tank fire.
Chrysler said it has resolved its differences with the government and will recall older Jeep Grand Cherokee and Liberty SUVs that could be at risk of a fuel tank fire.
Tuesday, June 18 2013 12:20 PM EDT2013-06-18 16:20:04 GMT
The director of the National Security Agency said Tuesday the government's sweeping surveillance programs have foiled some 50 terrorist plots worldwide, including one directed at the New York Stock Exchange.
The director of the National Security Agency said Tuesday the government's sweeping surveillance programs have foiled some 50 terrorist plots worldwide, including one directed at the New York Stock Exchange.
Monday, June 17 2013 10:10 AM EDT2013-06-17 14:10:37 GMT
For the first time in seven years, most U.S. homebuilders are optimistic about home sales, a sign that construction could help drive stronger economic growth in coming months.
For the first time in seven years, most U.S. homebuilders are optimistic about home sales, a sign that construction could help drive stronger economic growth in coming months.
Saturday, June 15 2013 7:27 PM EDT2013-06-15 23:27:36 GMT
TRENTON, N.J. (AP) — Motorists are seeing stable prices at the pumps in New Jersey.AAA Mid-Atlantic says the average price of a gallon of regular gasoline in New Jersey on Friday was $3.40, the same price as last week. It's also the same price motorists were paying a year ago.The national average price also remained stable, coming in at $3.63 for the second straight week.
TRENTON, N.J. (AP) — Motorists are seeing stable prices at the pumps in New Jersey.AAA Mid-Atlantic says the average price of a gallon of regular gasoline in New Jersey on Friday was $3.40, the same price as last week. It's also the same price motorists were paying a year ago.The national average price also remained stable, coming in at $3.63 for the second straight week.
Friday, June 14 2013 12:14 PM EDT2013-06-14 16:14:45 GMT
Stocks are turning lower in midday trading on Wall Street at the end of a volatile week.The Dow Jones industrial average was down 67 points, or 0.5 percent, at 15,106 as of noon Eastern time Friday. The Dow had surged 180 points the day before.
Stocks are turning lower in midday trading on Wall Street at the end of a volatile week.The Dow Jones industrial average was down 67 points, or 0.5 percent, at 15,106 as of noon Eastern time Friday. The Dow had surged 180 points the day before.
The body of one of three New Yorkers killed in an attack in Afghanistan is scheduled to arrive in his upstate hometown while the funeral of a second victim is being held in the Hudson Valley.
The body of one of three New Yorkers killed in an attack in Afghanistan has arrived in his upstate hometown as the funeral of a second victim was being held in the Hudson Valley.
Monday, June 17 2013 12:03 PM EDT2013-06-17 16:03:27 GMT
Authorities say they still haven't determined what caused six U.S. border agents to require decontamination and medical attention after inspecting a vehicle at a crossing in northern New York.
Authorities say they still haven't determined what caused six U.S. border agents to require decontamination and medical attention after inspecting a vehicle at a crossing in northern New York.
Sunday, June 16 2013 5:39 PM EDT2013-06-16 21:39:47 GMT
Senator Charles Schumer (D-NY) is asking New York colleges and universities to place tougher standards that would make it hard for students to abuse stimulants like Adderall. Schumer during a Sunday afternoon press conference said between 15 and 35 percent of college students frequently use Adderall to stay up to study. He said students shouldn’t be able to get amphetamine-based drugs like Adderall without a legitimate diagnosis and prescription.
Senator Charles Schumer (D-NY) is asking New York colleges and universities to place tougher standards that would make it hard for students to abuse stimulants like Adderall. Schumer during a Sunday afternoon press conference said between 15 and 35 percent of college students frequently use Adderall to stay up to study. He said students shouldn’t be able to get amphetamine-based drugs like Adderall without a legitimate diagnosis and prescription.
Saturday, June 15 2013 7:36 PM EDT2013-06-15 23:36:20 GMT
Former New York Governor Mario Cuomo was honored with a portrait that was unveiled inside the Hall of Governors in the state capital in Albany on Saturday. Current governor and son Andrew Cuomo was there as well. "A year ago we presented Governor Mario Cuomo with his official gubernatorial portrait.
Former New York Governor Mario Cuomo was honored with a portrait that was unveiled inside the Hall of Governors in the state capital in Albany on Saturday. Current governor and son Andrew Cuomo was there as well. "A year ago we presented Governor Mario Cuomo with his official gubernatorial portrait.
Friday, June 14 2013 8:24 AM EDT2013-06-14 12:24:26 GMT
A high-profile New York Air National Guard airlift wing has promoted sexual abusers instead of punishing them, according to the retired officer who handled claims of sexual assault in the unit.
A high-profile New York Air National Guard airlift wing has promoted sexual abusers instead of punishing them, according to the retired officer who handled claims of sexual assault in the unit.
