TALLAHASSEE, Fla. — Tax relief could be coming to southwest Florida residents who suffered damage in recent hurricanes.
This week, the Federal Disaster Tax Relief Act, was presented to President Joe Biden.
The bill, which was sponsored by Sen. Rick Scott and Rep. Greg Steube, will provide much-needed disaster tax relief to residents of southwest Florida.
WATCH BELOW TO SEE WHO IT WILL COVER:
“After years of fighting, I am incredibly proud to see the passage of meaningful tax relief for families who faced devastation and loss from Hurricanes Ian, Idalia, Helene, Milton and other disasters in recent years,” Sen. Scott said in a statement.
Specifically, the legislation will cover victims of more than 300 federally-designated disasters including Hurricanes Ian, Milton, Helene, Idalia, Debby, Nicole, and Fiona; the Maui Fires; recent California wildfires; and the East Palestine Train Derailment.
Victims of those events can get 10% additional tax relief.
“It will be retroactive,” said Rep. Byron Donalds, (R-Naples). “So, it will go back and take care of people who paid for damages from Hurricane Ian. They’ll be able to deduct that from their taxes. They’ll be able amend or apply that to their next tax return coming up in a couple of months.”
Jonathan Marcotte with Clarity Certified Public Accountants out of Fort Myers recommends victims amend their previous tax returns soon the bill becomes law.
“Once this is signed you can amend (your returns) right then and there,” Marcotte said. “And I would recommend that you do it as soon as possible. Because there’s a three-year time limit for when you can amend a return and get a refund.”
