In the wake of the recent tornadoes that struck Tennessee, the state has put in place a number of disaster tax relief programs to help residents and businesses recover. Here is what you need to know about these programs:
Individuals and businesses that have suffered damages as a result of the storms may be eligible for a number of tax breaks, including a waiver of the state sales tax on storm-related repairs and a temporary suspension of the state gasoline tax.
The state is also offering low-interest loans to help businesses rebuild, and has set up a fund to help cover the costs of temporary housing for displaced residents.
For more information on these and other disaster relief programs, visit the Tennessee Emergency Management Agency website.
https://www.tn.gov/tema/disaster-assistance-programs.html
https://www.irs.gov/newsroom/tax-relief-for-victims-of-severe-storms-and-flooding-in-tennessee
https://www.sba.gov/disaster-assistance/hurricane-harvey