We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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The proposed legislation follows approval by the Internal Revenue Service of an extension for flood victims to file income taxes from April 15 to Oct. 15, after flooding struck the Front Range in September.
Gardner’s legislation would amend the Internal Revenue Code to let Coloradans immediately deduct disaster expenses.
“There are people who suffered life-changing catastrophe and have spent their life savings, and more, to recover from this flood,” Gardner said. “One other way we can help the people of this country is to allow immediate extension this tax year of expenses going toward flood repair.”
Similar legislation was passed as part of a disaster relief package after Hurricane Katrina. Gardner’s bill also lifts the cap on tax deductions for charitable contributions made for disaster relief.