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Rep. Gardner introduces tax relief legislation for flood victims

WASHINGTON - Congressman Cory Gardner championed the House of Representatives' effort to lift the cap on funding for the rebuilding of roads and bridges destroyed by last September's flooding in Colorado. Now he's pushing to get tax relief for flood victims.

Gardner introduced legislation on Monday that would help those affected by the devastating flooding. The legislation would make it so that the Internal Revenue Service could allow Coloradans to immediately deduct their qualified disaster-related expenses. It also increases the limit for charitable contributions to disaster relief.

"Many flood victims were faced with out-of-pocket expenditures as they rebuilt their homes and their lives after last year's flooding," said Gardner. "We now have the chance to help them by allowing them to immediately deduct their qualified recovery expenses. And by increasing the limit for charitable donations to aid disaster victims, we are opening up another avenue so that those who need help can receive it."

Gardner requested that the IRS grant an extension for flood victims to decide whether to claim disaster losses on either their 2012 or 2013 tax returns. The agency agreed to extend the deadline by six months, to October 15, 2014.

In previous flood relief efforts, Gardner also worked with the other members of the Colorado Congressional delegation to guarantee flood victims received more than $260 million of funding from the Department of Housing and Urban Development.

The text of the new legislation can be read here.

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