Bill Text: NJ ACR108 | 2014-2015 | Regular Session | Introduced
Bill Title: Petitions Congress to allow Hurricane Sandy victims to claim personal casualty losses as arising in a hurricane disaster area for federal income tax purposes.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2014-02-06 - Introduced, Referred to Assembly Budget Committee [ACR108 Detail]
Download: New_Jersey-2014-ACR108-Introduced.html
ASSEMBLY CONCURRENT RESOLUTION No. 108
STATE OF NEW JERSEY
216th LEGISLATURE
INTRODUCED FEBRUARY 6, 2014
Sponsored by:
Assemblyman GREGORY P. MCGUCKIN
District 10 (Ocean)
Assemblyman DAVID W. WOLFE
District 10 (Ocean)
SYNOPSIS
Petitions Congress to allow Hurricane Sandy victims to claim personal casualty losses as arising in a hurricane disaster area for federal income tax purposes.
CURRENT VERSION OF TEXT
As introduced.
A Concurrent Resolution petitioning the United States Congress to allow Hurricane Sandy victims to claim personal casualty losses as arising in a hurricane disaster area for federal income tax purposes.
Whereas, Hurricane Sandy inflicted nearly $40 billion worth of damage upon the people of New Jersey; and
Whereas, Hurricane Sandy destroyed or damaged no less than 72,000 New Jersey homes and businesses; and
Whereas, Hurricane Sandy has driven more than a quarter million New Jerseyans to seek federal assistance; and
Whereas, Hurricane Katrina victims were allowed to claim personal casualty losses for federal income tax purposes without respect to certain measures of minimum loss; and
Whereas, Hurricane Rita victims were allowed to claim personal casualty losses for federal income tax purposes without respect to certain measures of minimum loss; and
Whereas, Hurricane Wilma victims were allowed to claim personal casualty losses for federal income tax purposes without respect to certain measures of minimum loss; and
Whereas, Hurricane Sandy victims should be allowed to claim personal casualty losses for federal income tax purposes without respect to certain measures of minimum loss; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey (the Senate concurring):
1. On behalf of Hurricane Sandy victims, the New Jersey Legislature humbly petitions the United States Congress to amend subsection b. of section 1400S of the federal Internal Revenue Code to allow Hurricane Sandy victims to claim personal casualty losses for federal income tax purposes without respect to certain measures of minimum loss.
2. Duly authenticated copies of this concurrent resolution shall be transmitted to the President of the United States, the Majority and Minority Leaders of the Unites States Senate, the Speaker and Minority Leader of the United States House of Representatives, and each member of Congress elected from this great State.
STATEMENT
This concurrent resolution petitions the United States Congress to allow Hurricane Sandy victims to claim personal casualty losses as arising in a hurricane disaster area for federal income tax purposes. This treatment has previously been extended to victims of Hurricanes Katrina, Rita, and Wilma.
By treating Hurricane Sandy casualty losses as occurring in a hurricane disaster area, Hurricane Sandy victims would be allowed to claim personal casualty losses without respect to certain measures of minimum loss. Generally, a personal casualty loss deduction may only be claimed by a Hurricane Sandy victim to the extent it exceeds: (i) $100 per casualty; and (ii) ten percent of adjusted gross income when combined with all other casualty losses for the taxable year. This concurrent resolution petitions the United States Congress to suspend these minimum loss requirements for Hurricane Sandy victims by adding Hurricane Sandy to the list of qualified hurricane disaster areas codified in subsection b. of section 1400S of the federal Internal Revenue Code.
