Washington County BOCC asking U.S. Congress for tax relief …………

By | March 1, 2019
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Released by the Washington County Board of County Commissioners —-

This issue will be on the Agenda for the BOCC’s March Workshop

RESOLUTION NO. _

A RESOLUTION OF THE WASHINGTON COUNTY BOARD OF COUNTY COMMISSIONERS URGING THE UNITED STATES CONGRESS TO PASS TAX RELIEF FOR INDIVIDUALS AND EMPLOYERS SUFFERING FROM HURRICANE MICHAEL

WHEREAS, Hurricane Michael was the most intense storm on record to hit the Florida Panhandle, and was among the top four most powerful hurricanes to hit the United States; and
WHEREAS, damages from Hurricane Michael are estimated to exceed $25.1 billion; and
WHEREAS, 57 deaths have been attributed to Hurricane Michael in the United States; and
WHEREAS, in Florida, insurance claims from Hurricane Michael exceed 144,000, with estimated insured losses of over $5.5 billion; and
WHEREAS, Hurricane Michael caused 1.7 million electricity outages in the Southeast United States, of which 125,000 were without power for more than ten days; and
WHEREAS, Congress in recent years has enacted temporary tax legislation to assist survivors of disasters, including the Disaster Relief and Airport and Airway Extension Act of 2017, Pub. L. No. 115-63, which provided relief for survivors of Hurricanes Harvey, Irma and Maria; and
WHEREAS, tax relief is an effective tool in helping communities recover from large scale disasters.
NOW THEREFORE BE IT RESOLVED BY THE WASHINGTON COUNTY BOARD OF COUNTY COMMISSIONERS OF WASHINGTON COUNTY, FLORIDA;
 that the United States Congress is urged to pass tax relief for survivors of Hurricane Michael, consistent with the provisions contained in H.R. 1148 (116th Congress), including
  1. Relief from casualty loss deduction limits for personal residence property; and
  2. Allowing taxpayers who take the standard deduction to make the casualty loss deduction; and
  3. Allowing penalty-free early distributions from a retirement plan; and
  4. Allowing for loans from retirement accounts and allowing taxpayers to spread realized income from retirement accounts to be spread over a three year period; and
  5. Using earned income from the immediately preceding year to determine the earned income tax credit; and
  6. Allowing an employee retention tax credit for employers equal to 40% of qualified wages paid to qualifying employees.
    AND FURTHER, Congress is urged to direct the Commissioner of the Internal Revenue Service to authorize the use of cost indexes to determine the amount of loss to homes consistent with Revenue Procedure 2018-09.
    DULY PASSED AND ADOPTED by the Washington County Board of County Commissioners of Washington County, Florida, this __ day of February, 2019.
    BOARD OF COUNTY COMMISSIONERS OF
    WASHINGTON COUNTY, FLORIDA _________________________________ Tray Hawkins, Chairman

ATTEST: APPROVED AS TO FORM:

___________________ ________________
Lora Bell, Clerk of Court County Attorney