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Articles » Finance » Taxes » Tax Relief: Victims of Terrorism Act
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- Article Views: 211
- Word Count: 358
- Date Contributed: Apr 27, 2008
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| Tax Relief: Victims of Terrorism Act |
A bill benefiting survivors of terrorism victims was passed and signed into law in 2001. Its main provisions include:
- Exemption from income taxes for those individuals who died as a result of the September 11, 2001 attack, the April 19, 1995 Oklahoma City attack and the anthrax poisonings before and after September 11, 2001. Exemption is applicable from the year before the attacks to the year of death.
The amount of exemption per qualified individual is $10,000 minimum without regard to the person’s tax liability for the relevant years.This means that if the victim’s income tax is less than $10,000, it is assumed that he has also paid the difference between his actual liability and the $10,000 exemption. Exception to this is that it cannot be applied to monies received from retirement plans or IRAs to the victim’s estate or beneficiaries, but applies to the victim’s final paycheck including his monetized sick and vacation leaves.
-Death benefits from an employer paid because of the victim’s death due to the attack are also not taxable, whether paid in full or in tranches.
- His worker’s compensation benefits are not taxable under this tax relief.
- Terrorist victims’ estates are not taxable up to the first $8.5 million value of net assets.
- The victim’s family can receive benefits from charities without those charities being disqualified from their tax-free status
- Employers can establish foundations solely for the monetary benefit of employee-victims’ families
- Latitude is granted to the Treasury Department in postponing tax filing deadlines, extending deadlines for tax payment (except payroll taxes) and other filings of taxpayers affected by declarations of disaster by a President.
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Article Source: UnArchived Articles
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