Finance Committee Passes Tax Reform Legislation, Expands Disaster Tax Relief to All of Louisiana
WASHINGTON—U.S. Senator Bill Cassidy, M.D. (R-LA), a member of the Senate Finance Committee, voted in committee Thursday night in support of the Senate’s version of the Tax Cuts and Jobs Act, which passed committee and now awaits consideration in the full Senate.
Earlier in the week, the committee included Cassidy’s amendment allowing Louisiana flood victims to make tax-free withdrawals from their retirement plans to recover and rebuild, and allowing income tax deductions for personal casualty losses exceeding $500 sustained on or after August 11, 2016, in the Mississippi River Delta flood disaster area. Yesterday, the committee expanded that disaster tax relief to include the northern portions of Louisiana impacted by the presidentially-declared major disaster area in March 2016.
“This bill gives Americans more take home pay by cutting taxes and preserving deductions for home mortgage interest and charitable contributions,” said Dr. Cassidy. “It also includes my amendments giving 2016 Louisiana flood victims the same tax relief as 2017 hurricane victims, and preserving the Historic Tax Credit, which has been so important to restoring buildings in cities like New Orleans. It also promotes economic growth, which is essential to creating better paying jobs and addressing the national debt.”
The bill also:
- Includes a bipartisan provision cosponsored by Cassidy that provides excise tax relief to craft beverage entrepreneurs in Louisiana so they can grow their small businesses and hire more workers.
- Repeals Obamacare’s Individual Mandate tax of hundreds of dollars on people who choose not to buy a health insurance plan or can’t afford the premiums. In 2015, more than 100,000 Louisianans paid this penalty tax for not having health insurance. About 37 percent made less than $25,000 a year, and 78 percent made less than $50,000.
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