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Louisiana-specific benefits in tax bill

4 years 11 months 2 weeks ago Thursday, December 21 2017 Dec 21, 2017 December 21, 2017 9:29 PM December 21, 2017 in News
Source: Associated Press
By: APNewsNow

NEW ORLEANS - The tax bill that won passage this week in Congress has provisions that members of Louisiana's congressional delegation say specifically benefit Louisiana.
For instance, the Republican-dominated delegation touted a provision allowing victims of the 2016 south Louisiana floods to amend their tax return for that year to deduct their losses. In an interview, Sen. Bill Cassidy said estimates are that it will bring $500 million into Louisiana. The bill also waives a 10 percent penalty for people who withdrew money from 401(k) retirement funds to pay for 2016 flood damage.
Members also touted a provision that would increase offshore oil revenue for gulf states, which could mean an added $100 million for coastal restoration efforts.

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