LEGISLATION TO HELP HURRICANE SANDY DAMAGED BUSINESSES ADVANCES

A bill to help out businesses repairing from Hurricane Sandy advanced this week. The measure sponsored by Senator Jim Whelan would provide small businesses with a tax credit to offset money spent on rebuilding or repairing due to Hurricane Sandy. Under the bill, businesses could receive a tax credit on unreimbursed business property loss, the amount of reinvestment in the business excluding any reimbursements from insurance, FEMA or the state, or up to $100,000. The tax break would cover unreimbursed investments from Hurricane Sandy that have been made or will be made before the bill’s two-year sunset.

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