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Tax bill offers reprieve for Louisiana residents affected by 2016 floods

Source: theadvocate.com/baton_rouge/news/politics/article_5b09035e-e5bb-11e7-a57b-33a2395bcb9d.html - Jan 10, 2018

WASHINGTON — Louisianans hit by the floods of 2016 should consider digging up last year's federal tax filings following the GOP-backed tax overhaul passed by Congress on Wednesday.

Twin tweaks to the tax code will allow many of those who lost property in the March and August floods to write off far more of their losses on their federal tax returns — and avoid penalties for those who tapped retirement accounts early to rebuild.

The Congressional Budget Office estimates those changes would save Louisianans a total of roughly $500 million in federal taxes.

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Category: General Business