New IRS Publication Summarizes Tax Benefits to Hurricane Victims

In a continuing effort to assist victims of last year’s hurricanes, the IRS has issued a new publication summarizing the tax incentives to rebuild the Gulf Coast, which are valued at almost $9 billion.

Publication 1460, Highlights of Tax Relief Provided to Taxpayers in Response to Hurricanes Katrina, Rita, and Wilma, provides up-to-date information on tax relief, such as:

• The extended deadlines available to those affected by the hurricanes.
  
  
• The rules on claiming a casualty loss and directions on how to get information on the new safe harbor method, which provides a simple way to calculate a loss.
  
  
• Summaries of the different credits available to businesses, such as the work opportunity credit, the employee retention credit and the new market tax credit.
  
  
• Explanations of the special depreciation rules and deduction for clean-up costs for businesses.

[IR-2006-133, Aug. 24, 2006]

For additional information, see:

• Publication 1460, Highlights of Tax Relief Provided to Taxpayers in Response to Hurricanes Katrina, Rita, and Wilma
• Help for Hurricane Victims: Information on Tax Relief, Charitable Issues