Washington–Gulf Coast homeowners affected by Hurricane Katrinacould increase their tax-deductible casualty losses underbipartisan legislation introduced yesterday in the Senate.
The measure, sponsored by the senior members of the SenateFinance Committee, would also ease taxes applied to individualretirement account withdrawals and certain charitablecontributions.
Introduced by Sens. Charles Grassley, R-Iowa, chairman, and MaxBaucus, D-Mont., ranking minority member, the bill is expected towin quick action in the Senate.
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