August 24, 2006
New IRS Publication Summarizes
Tax Benefits to Hurricane Victims
In a continuing effort to assist victims of last year’s hurricanes, the IRS has issued a new publication summarizing the tax incentives to rebuild the Gulf Coast, which are valued at almost $9 billion.
“The Department of Housing and Urban Development worked closely with the IRS on creating this publication,” said Kevin M. Brown, IRS Commissioner of the Small Business/ Self-Employed Division. “HUD employees are working alongside IRS workers in the communities affected by last year’s hurricanes; and through them we can let those affected by the hurricanes know about tax relief and tax benefits.”
Publication 1460, Highlights of Tax Relief Provided to Taxpayers in Response to Hurricanes Katrina, Rita, and Wilma, provides up-to-date information on tax relief, such as:
The extended deadlines available to those affected by the hurricanes.
The rules on claiming a casualty loss and directions on how to get information on the new safe harbor method, which provides a simple way to calculate a loss.
Summaries of the different credits available to businesses, such as the work opportunity credit, the employee retention credit and the new market tax credit.
Explanations of the special depreciation rules and deduction for clean-up costs for businesses.
“GO Zone tax incentives are designed to stimulate business activity and create jobs throughout the Gulf Region,” said Alphonso Jackson, Secretary of the U.S. Department of Housing and Urban Development. “Beyond that, however, they will help to breathe new life into these communities and lay the groundwork for an even stronger, more vital Gulf Coast. For its part, HUD will work closely with the IRS to spread the word through printed materials and tax seminars as we work to bring jobs and economic development back to these communities."
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