Washington–Gulf Coast homeowners affected by Hurricane Katrina could increase their tax-deductible casualty losses under bipartisan legislation introduced yesterday in the Senate.
The measure, sponsored by the senior members of the Senate Finance Committee, would also ease taxes applied to individual retirement account withdrawals and certain charitable contributions.
Introduced by Sens. Charles Grassley, R-Iowa, chairman, and Max Baucus, D-Mont., ranking minority member, the bill is expected to win quick action in the Senate.
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