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House Passes Tax Breaks

By: AP
By: AP

The House has approved more than $6 billion in tax breaks for Hurricane Katrina victims.

The package is aimed at helping families trying to rebuild their lives after the storm. It's also an effort to help Gulf Coast businesses reopen, or at least keep employees on the payroll.

The bill passed without opposition, and now heads to the Senate.

The package would waive penalties for hurricane survivors who need to dig into money stashed in protected retirement accounts. It also lets taxpayers recoup more un-reimbursed and uninsured losses, and waives levies imposed when debts, such as mortgages, are forgiven.


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