Senate Approves Tax Relief Bill


The following article is provided courtesy of CCH, Inc.


The Senate on November 16 approved, by voice vote, legislation that would provide tax relief to survivors and victims of the September 11 terrorist attacks. The measure, Victims of Terrorism Relief Bill of 2001 (HR 2884), would grant victims' families an exemption from estate and income taxes.

Senate Finance Committee ranking member Charles E. Grassley, R-IA, said in a joint statement that "It's entirely appropriate to give tax relief to survivors."

The bill would waive income and payroll taxes for two years. In addition, it would exempt death and disability benefits, workers' compensation benefits, and government retirement plan benefits for persons injured in the attacks.

In addition, disaster payments and airline payments to victims would not be subject to taxation. The legislation would also make it easier for charitable organizations to make disaster relief payments to victims' families. The bill would allow the Treasury Department to extend tax filing deadlines for up to one year for victims and their families.

The House passed its version on September 13.

You may like these other stories...

Some of your clients may get away to business conventions from time to time. It gives them a chance to rub shoulders with colleagues, catch up on the latest developments, and fine-tune their skills. And, when the meetings or...
PwC must face $1 billion lawsuit over MF Global adviceA federal judge on Wednesday ordered PricewaterhouseCoopers (PwC) to face a $1 billion lawsuit claiming that its bad accounting advice was a substantial cause of the...
Being an accountant doesn't mean you're giving investment advice to clients. However, at tax time, accountants often have to deal with the results of any investment advice clients obtained during the year—the...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.