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        <title itemprop="name">Lawmaker to propose tax relief for victims of Hurricanes Irma, Harvey</title>
        
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    <div class="story-top"><div  class="story-header-left twoCol"><h1 class="title" itemprop="name" >Texas Republican Rep. Kevin Brady to seek tax relief for hurricane victims</h1><div id="article_deck" class="content"> 
	
	



																
																	
			
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																		<ul> <li>Rep. Kevin Brady<span>, head of the House Ways and Means Committee, is floating several proposals intended to provide relief for those suffering from the devastating storms. </span></li> <li>The plan would allow access to savings in 401(k) plans, penalty-free.</li> </ul>
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	    									<a itemprop="url" rel="author" href="/ylan-mui/">Ylan Mui</a>													| <span class="twitter-url"><a href="//twitter.com/ylanmui">@ylanmui</a></span>
																
					
							 
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	<time class="datestamp"  itemprop="datePublished" datetime="2017-09-11T00:01:11-0400">	  
		Published 12:01  AM ET Mon, 11 Sept 2017
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			Updated  10:22  AM ET Mon, 11 Sept 2017
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			    	<img src="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/04/27/104431669-IMG_2346.530x298.JPG?v=1493298400" alt="Republican Rep. Kevin Brady, chairman of the House Ways and Means Committee." data-enlarged-image="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/04/27/104431669-IMG_2346.1910x1000.JPG?v=1493298400" width='530' height='298'/>
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					<div class="attribution">Katie Kramer | CNBC</div>
							<div class="caption">Republican Rep. Kevin Brady, chairman of the House Ways and Means Committee.</div>
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																		<p>Disaster relief for the victims of hurricanes Irma and Harvey isn't just about immediate necessities like food, clean water and shelter. It could also come wrapped up in the tax code.</p>
															
																													
					
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												    														<p>Texas Republican Rep. <a href="/kevin-brady/">Kevin Brady</a>, head of the House Ways and Means Committee, is floating several proposals intended to provide relief for those suffering from the devastating storms. Chief among them is a measure to allow affected residents to access their 401(k) retirement savings without paying a penalty.</p>
															
																										    														<p>"No two disasters are the same. These won't be boilerplate," Brady told reporters last week. "We'll tailor these to our communities and their needs going forward."</p>
															
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																			    														<p>The <a href="/irs/">IRS</a> has already relaxed the rules for households hit by Harvey that need to take out loans from their 401(k)s or make hardship withdrawals. On Aug. 30, the IRS issued guidance streamlining the loan applications for affected residents and waiving the six-month ban on retirement contributions that typically follows a hardship withdrawal. The agency said it will also ease certain restrictions to allow households to use their retirement funds to purchase basics such as food and shelter.</p>
															
																										    														<p>Under current law, individuals can take out a loan against their 401(k) plans interest-free as long as it is paid back within five years. After that, the money is subject to normal income taxes as well as a 10 percent fine. Hardship withdrawals are also taxable and subject to the same penalty.</p>
															
																										    														<p>A spokesman for Brady said there is no formal hurricane tax relief bill yet. But Brady told reporters that he expects bipartisan support for allowing disaster victims to forgo those penalties. The fee is designed to discourage households from tapping their retirement funds for other purposes, but even some financial experts said there are understandable exceptions to that rule.</p>
															
																										    														<p>"If you don't allow people access to their money, it reduces the likelihood that some people will participate in the [retirement] plan," said Diann Howland, legislative director for the American Benefits Council. "Recognizing an emergency, giving people some flexibility is the humane thing to do."</p>
															
																										    														<p>Brady is also seeking higher limits on deductions for casualty losses, write-offs for expenses related to rebuilding and ways to encourage donations to relief organizations. He said such changes will likely be targeted and temporary, rather than permanent.</p>
															
																										    														<p>Still, some conservative groups said such special exemptions underscore the challenge facing Republicans as they undertake a sweeping rewrite of the tax code that streamlines the system.</p>
															
																										    														<p>"Putting aside the understandable sympathy motives, I'm not a big fan of this idea," said Douglas Holtz-Eakin, president of the American Action Forum. "I prefer the tax code to be permanent, and structured to enhance trend growth; that is the tax reform objective and this doesn't promote that."</p>
															
																										    														<p>Kyle Pomerleau, director of federal projects for the Tax Foundation, said some of the proposals are consistent with the House Republican blueprint for tax reform. Write-offs for rebuilding, for example, could be wrapped into the GOP push for full and immediate expensing for businesses.</p>
															
																										    														<p>"It isn't clear to me that the tax code is the best place through which to provide disaster relief," he said. "However, the policies [Brady] seems to be pushing are not necessarily in conflict with a simpler tax code if enacted broadly."</p>
															
																										    														<p>To reporters, Brady defended his proposals as focused solely on affected households.</p>
															
																										    														<p>"It's important that our package be helpful, not wasteful," he said. "We focus on what our communities need, not what Washington needs."</p>
															
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			}
    ,	    {
    	moduleId : 'persistentSiteHeader',
    	initOn : 'load',
    	initData : {
    		product : 'web',
    		products : {
    			web : 'web',
    			mobile : 'mobile-touch'
    		}
    	}
    }
    ,	    {
	moduleId : 'lazyloadFragment',
	initOn : 'load'	
}
    ,	    {
	moduleId : 'lazyImageLoader',
	initOn : 'load'
}
    	]);
            

            </script>
        
		  <script id="javascript-lazy-loader" data-loader-url="https://js.cnbcfm.com/minify/js" type="text/javascript" src="https://js.cnbcfm.com/minify/js?modules=core&vn=520"></script>
		

        <!--  Scripts from the skin -->
                    							    		    			    				    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		       		    		    			    				    				
					    						    					      			       		       		    				
                <!-- End of Scripts from the skin -->

        <!-- Global insert_cmsfooter -->
        <!-- MPS Global Footer Insert BEGIN -->
<!-- Start BounceX Tag -->
        <script>
        (function(d) {
            var e = d.createElement('script');
            e.src = d.location.protocol + '//bounceexchange.com/tag/1021/i.js';
            e.async = true;
            d.getElementsByTagName("head")[0].appendChild(e);
        }(document));
        </script>
<!-- End BounceX Tag -->

<!-- Quantcast Tag -->
<script type="text/javascript">
$(document).ready(function(){
  mps._queue.mpsloaded.push(function(){
    mps._log('**** LOADED: Quantcast - cnbc-global-footer-insert');
    if (window.mps) {
        var _qevents = _qevents || [];

        function nbcQuantcast() {
        var lb = "CNBC";
        lb+=(typeof mps.pagevars.cats[1] =="string" && mps.pagevars.cats[1].length > 0) ? ".Section." + mps.pagevars.cats[1]:"";
        lb+=(typeof mps.pagevars.cats[2] =="string" && mps.pagevars.cats[2].length > 0) ? ",CNBC." + "Sub Section." + mps.pagevars.cats[2]:"";
        return lb;
        }

        (function() {
        var elem = document.createElement('script');
        elem.src = (document.location.protocol == "https:" ? "https://secure" : "http://edge") + ".quantserve.com/quant.js";
        elem.async = true;
        elem.type = "text/javascript";
        var scpt = document.getElementsByTagName('script')[0];
        scpt.parentNode.insertBefore(elem, scpt);
        })();

        _qevents.push({
            qacct:"p-9eJ8k4iSzux46",
            labels: nbcQuantcast()
        });
    }
  });
 });
</script>

<noscript>
<div style="display:none;">
<img src="//pixel.quantserve.com/pixel/p-9eJ8k4iSzux46.gif" border="0" height="1" width="1" alt="Quantcast"/>
</div>
</noscript>
<!-- End Quantcast tag -->
<!-- START Parse.ly Include: DOM-Free -->
<script>
(function(d) {
  var site = CNBC_Settings.baseurls.cnbc_base_host||"cnbc.com", // replace with the domain of your site (e.g. parsely.com)
      b = d.body,
      e = d.createElement("div");
  e.innerHTML = '<span id="parsely-cfg" data-parsely-site="'+site+'"></span>';
  e.id = "parsely-root";
  e.style.display = "none";
  b.appendChild(e);
})(document);
(function(s, p, d) {
  var h=d.location.protocol, i=p+"-"+s,
      e=d.getElementById(i), r=d.getElementById(p+"-root"),
      u=h==="https:"?"d1z2jf7jlzjs58.cloudfront.net"
      :"static."+p+".com";
  if (e) return;
  e = d.createElement(s); e.id = i; e.async = true;
  e.src = h+"//"+u+"/p.js"; r.appendChild(e);
})("script", "parsely", document);
</script>
<script src="https://fm.cnbc.com/applications/cnbc.com/resources/files/2017/12/07/parsely_data_4.js"></script>
<!-- END Parse.ly Include: DOM-Free -->

<!-- AB Admiral BEGIN -->
<script id="ab-admiral">(function(a,b,c,d,e){e=a.createElement(b);a=a.getElementsByTagName(b)[0];e.async=1;e.src=c;a.parentNode.insertBefore(e,a)})(document,'script','//nervoussummer.com/40cad7fabed6c884e79a4e286d192a42212f95b4a2dcfe41771324064f6510a6d465b805e1308a6de2f29b32fce73dffe3ba2710980cb2e99b39d282fc0917');</script>
<!-- AB Admiral END -->

<!-- MPS Global Footer Insert END -->
        <!-- MPS ASYNC Application Component - Desktop Insert FOOTER BEGIN -->
<script type="text/javascript">
$(document).ready(function(){
  mps._queue.mpsloaded.push(function(){
    mps._log('**** LOADED: cnbc-cms-footer-insert');
      //<!-- begin FRANCHISE ONLY Ad Refresh -->
      if (mps.pagevars.type == 'franchise' && mps.pagevars.hline != "US Homepage" && mps.pagevars.hline != "International Homepage") {
          if (mps._detect) mpsopts.activerefresh = 1;
          if (mps.pagevars.cats.indexOf('markets') != -1) {
              mps.refreshAdsInterval(120, ['topbanner', 'topflex']);
              window.console && console.log('--[executed]--> MPS Set Ad Refresh (120s)');
          } else {
              mps.refreshAdsInterval(60, ['topbanner', 'topflex']);
              window.console && console.log('--[executed]--> MPS Set Ad Refresh (60s)');
          }
      }
      //<!-- end FRANCHISE ONLY Ad Refresh -->
      (function() {
          if ('mps' in window && mps.pagevars && CNBC_Settings.templateName == 'slideshow_one_page') {
              setInterval(function() {
                  mps.refreshAds('topflex');
              }, 60000);
          }
      })();

      //<!-- Global Web Index: BEGIN -->
      (function() {
          var js = document.createElement('script');
          js.src = '//gwiqcdn.globalwebindex.net/gwiq/gwiq.js';
          js.type = 'text/javascript';
          js.async = 'true';
          js.onload = js.onreadystatechange = function() {
              var rs = this.readyState;
              if (rs && rs != 'complete' && rs != 'loaded') return;
              try {
                  mps.gwiqSect = mps.pagevars.hline.replace(/\s+/g, "_").replace(/[\W]+/g, "");
                  gwiq.asyncjs("cid=c0234&section=" + mps.gwiqSect);
              } catch (e) {}
          };
          var s = document.getElementsByTagName('script')[0];
          s.parentNode.insertBefore(js, s);
      })();
  });
});
</script>
<!-- Global Web Index: END -->
<!-- Sharethrough Load: BEGIN -->
<script type="text/javascript" async defer src="//native.sharethrough.com/assets/sfp.js"></script>
<!-- Sharethrough Load: END -->
<!-- MPS ASYNC Application Component - Desktop Insert FOOTER END -->
        <!-- End Global insert_cmsfooter -->

        <!-- Wires Redirect Popup -->
        

        <!-- End Wires Redirect Popup -->
        

    </body>
</html>
