I want to thank U.S. Sen. Bill Cassidy for his efforts to bring additional aid to Louisiana families affected by last year’s flooding. Thanks to his leadership, disaster tax relief for Louisiana is included in the Senate’s tax reform legislation.
Sen. Cassidy’s provision would let flood victims deduct certain personal casualty losses from their taxable income. It would also wave the 10 percent penalty tax on early withdrawals from retirement accounts meant to pay for repairs and recovery.
For families still struggling to put their lives back together and businesses that remain closed, this disaster tax relief will be a real financial boost and help bring them peace of mind. Of course, the tax reform legislation Cassidy is helping spearhead will also grow our economy, create jobs in our communities and let Louisianans keep more of their hard-earned money. That is progress for the people of our state.
We are thankful to Cassidy for his focus on helping Louisiana families recover from last year’s storms. The rest of our congressional delegation should strongly support the provisions Cassidy included in the tax reform plan and help him get it passed into law.