Sen. Cruz: Tax Relief is Critical to Storm Recovery
Yesterday I participated in a roundtable discussion on storm recovery efforts with local community leaders in Beaumont. There, I shared my priorities for recovery, and how storm-impacted Texans can receive significant tax relief from my recent legislation signed into law by President Trump and co-sponsored by Sens. John Cornyn (R-Texas) and Marco Rubio (R-Fla.).
Later, I joined Team Rubicon to visit with storm victims, and assist with recovery and clean-up efforts in storm-damaged neighborhoods.
Still photos and video of my visits are available here.
Hurricane Harvey did devastating damage to the state of Texas, running 250 miles along the Gulf Coast, from Rockport and Corpus Christi, to Beaumont and Louisiana. And yet in the face of that devastation, it’s inspiring and powerful to see Texans coming together and standing as one to rebuild.
In Congress, there is overwhelming bipartisan support for Texas. Just last week, we saw significant tax relief legislation get signed into law, which is critical for Texans who are trying to rebuild. My office is in regular contact with mayors, county judges, police chiefs, sheriffs and other local officials along the Gulf Coast who are working to rebuild their communities, to understand their challenges, and ensure they have the relief resources necessary to rebuild even stronger.
The Disaster Tax Relief and Airport and Airway Extension Act of 2017, passed by Congress and signed by President Trump, includes the text of the bill sponsored by me, and cosponsored by Sens. John Cornyn (R-Texas) and Marco Rubio (R-Fla.). The legislation, which is my fourth bill to be signed by the President this Congress, provides additional tax deductions and waives penalties for withdrawals from tax-advantaged accounts for those in storm affected areas, allowing storm victims to keep more of their money as they work to rebuild. The bill also includes tax credits for small businesses that kept paying their employees, even if those employees were unable to come to work or the business was shut down, during the storms. Additionally, by lifting the usual limits on charitable giving, this bill allows more people nationwide to financially contribute to Texans impacted by Harvey.