• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / News / Some derecho victims eligible for federal tax breaks

Some derecho victims eligible for federal tax breaks

January 4, 2021 By O. Kay Henderson

A series of federal tax breaks are now available for many Iowans who took a financial hit from last summer’s derecho.

The new law waives penalties for individuals who make early withdrawals from their retirement savings to pay for
storm-related expenses. Businesses in the derecho zone that had to close temporarily, but kept paying their employees, are eligible for a tax credit.

Low-income workers that had their hours cut will be able to use their 2019 income to calculate tax credits they would otherwise lose or see dramatically reduced. There are some changes in the deduction for charitable giving, to encourage donations that support derecho recovery.

These tax changes originally were in a bill introduced by Iowa Senator Joni Ernst that was later added to the huge piece of legislation President Trump signed in late December. Ernst says as Iowans continue to recover from the August 10th derecho, these tax changes will provide Iowa families, communities, and businesses more relief and support during challenging times.

Share this:

  • Facebook
  • Twitter

Filed Under: News, Politics / Govt, Top Story Tagged With: Joni Ernst, Taxes

Featured Stories

Governor signs Iowa Renewable Fuels Standard into law

Jury returns guilty verdict in shooting death of State Trooper

A haboob, a dust storm black out, hits northwest Iowa

Summit has easements for 20% of carbon pipeline route through Iowa

Morel mushroom hunters on hold without warmer conditions

TwitterFacebook
Tweets by RadioIowa

Iowa Special Olympics Summer games set to open in Ames

Radio Iowa/Baseball Coaches Association High School Poll 5/16/22

Iowa assistant coach Kirk Speraw to retire

Northern Iowa prepares for Missouri Valley Conference softball tournament

T.J. Otzelberger announces staff changes at Iowa State

More Sports

eNews and Updates

Enter your email address:

Delivered by FeedBurner

Archives

Copyright © 2022 ยท Learfield News & Ag, LLC