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Congress passes bill to help victims of recent hurricanes
Congress just passed a bill to help victims of Hurricanes Harvey, Irma and Maria. The “Disaster Tax Relief and Airport and Airway Extension Act of 2017” reauthorizes several Federal Aviation Administration programs for 6 months and offers temporary tax relief to victims. It makes it easier to deduct casualty losses by eliminating a requirement that personal losses exceed 10% of adjusted gross income. It also gives penalty-free access to retirement funds and temporarily suspends limits on the deduction for charitable donations to hurricane relief made by Dec. 31.