Neither will it have to offset the revenue lost from additional relief from the Alternative Minimum Tax, further estate tax cuts, trade agreements, or small business tax relief.
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This is unexpected and welcome additional relief from estate tax.
Per the structure of the payment plan set up in the mortgage settlement, each state government is to receive a direct portion of the money for the purpose of funding future law enforcement efforts, providing additional relief to borrowers, paying civil penalties, funding of foreclosure relief programs and to compensate the state for its losses from the crisis.
Additional tax relief, including extensions to individual and business taxpayers impacted by Hurricane Irene in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico and Vermont is available.
FORBES: IRS Announces Additional Tax Relief for Storm Victims
Since the law was passed, IRS has issued additional guidance and relief, including transitional relief, in an effort to stem growing anxiety over complying with the new law.
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The relief includes additional time for businesses and individuals currently on extension, as well as estimated payments for the third quarter of 2011 (normally due next week, September 15, 2011).
FORBES: IRS Announces Additional Tax Relief for Storm Victims
Small business employers, defined as those with fewer than 250 employees, have an additional year beyond the 2011 relief.
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Reforms put in place in 2011 gave FEMA a more predictable stream of disaster aid and the agency got additional funding from two Sandy relief bills in December and January.
The truth is, no matter what changes are made, real relief will come only when additional tracks are built across the Hudson.
And the recently signed American Taxpayer Relief Act of 2012 includes extensions of several additional small business tax incentives designed to spur innovation, support capital investment and make it easier to hire new workers.
The amusingly named Taxpayer Relief Act of 1997 promises to ensnare hundreds of thousands of additional taxpayers in the recordkeeping trap.
The IRS announced today that certain taxpayers in North Carolina, New Jersey, New York and Puerto Rico will receive tax relief, and other locations are expected to be added in coming days following additional damage assessments by the Federal Emergency Management Agency (FEMA).
FORBES: Hurricane Irene Extends Some Deadlines - 1.5 Cheers from Tax Preparers
For example, giving all basic-rate taxpayers higher-rate relief on pension saving would do much to encourage such saving, without giving any additional benefits to the better-off.
There was relief that the Greek Parliament passed the painful austerity measures required for Greece to receive additional bailout funds to prevent it from defaulting on its debt (or at least postpone its potential default).
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