TAX BREAKS MAY COME FOR “SANDY” VICTIMS

Two United States Senators say they are proposing some significant tax breaks for victims of Hurricane Sandy.  New Jersey Senator Robert Menendez and New York Senator Charles Shumer are proposing new laws that would permit taxpayers to deduct all expenses they incurred from Sandy.  It would also give tax credits to businesses that were impacted by Sandy yet continued to pay their employees.  And, the measure would waive any penalties for Sandy victims who had to pull money early out of retirement plans.