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Archive for Friday, December 14, 2001

House approves tax relief for attack victims, recovery

December 14, 2001

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— The House passed legislation Thursday to give tax relief to families of victims of the Sept. 11 terrorist attacks and provide $6.1 billion in tax breaks to help New York City recover.

The bill, passed on a voice vote, moves back to the Senate, which approved a version last month. Sponsors said the legislation would probably win final passage by Congress before lawmakers recess for the year.

Under the bill, income tax liability would be waived for two years for victims of the Sept. 11 attacks, as well as victims of the 1995 Oklahoma City bombing and those killed by anthrax. The Senate bill also had waived Social Security payroll tax liability, but the House removed that provision.

There also would be a more generous $8.5 million exemption from federal estate tax, $3 million for state estate taxes and tax-free treatment of disaster relief payments, death benefits and awards from victims' compensation funds.

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