Tax Relief Possible For Victims Of August 2016 Flood

Baton Rouge Floods 2016 Getty Images

Victims of the August 2016 flooding that devastated parts of the Baton Rouge area could be getting some tax relief. 

The Advocate reports the latest version of a U.S. Senate tax bill proposal would allow deductions for property losses and waive the tax penalty for those taking early withdrawals from their retirement accounts because of the flooding.

One analysis says that could amount to about $200 million in savings for flood victims.

Copyright © 2017 TTWN Media Networks LLC Photo: Getty Images

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