Sep 15 2005

SHELBY SUPPORTS TAX RELIEF FOR HURRICANE KATRINA VICTIMS

WASHINGTON, DC --- U.S. Senator Richard Shelby (R-AL) today commended passage of a tax relief package that will benefit those individuals affected by Hurricane Katrina. The Hurricane Katrina Tax Relief Act of 2005, which passed the Senate today, will provide much needed tax relief for those in hurricane stricken areas.

“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.

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