“Many in Alabama and across the Gulf Coast suffered tremendously from Hurricane Katrina. While Congress continues to provide immediate relief aid, I believe it is critical that we also examine how the tax system can better serve those who have been affected by this storm. I am pleased to support this bill as it provides much needed temporary tax relief for both individuals and small businesses,” said Senator Shelby, an original cosponsor of the bill, S.1696.
“I believe this bill is critical because it provides incentives for making charitable contributions, rebuilding homes, and employers who hire those affected by the hurricane. Further, the legislation also includes a provision that would relieve the 10% early withdrawal penalty on retirement plans.”
“I am hopeful that this legislation sees swift action in the House of Representatives and that we can send it to the President’s desk soon for his signature,” Shelby concluded.