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This week, Tom Reed announced his legislation to assist victims of natural disasters. The bill, known as the National Disaster Relief Tax Act, is aimed at offering assistance to the victims of federally declared disaster areas, in order to rebuild homes, communities and lives.

"We are fighting everyday for neighbors impacted by floods and natural disasters," said Reed.

This bill makes it easier for individuals to recover financially after catastrophic losses. Under the bill, individuals will be able to to deduct losses to their property that are often not covered by insurance, and ensures that state and county disaster payments are not taxable.

The legislation also helps businesses by allowing them to immediately deduct the costs to rebuild and clean up their facilities, rather than waiting until the following tax year, and makes it easier for businesses to set aside funding, pre-taxes to rebuild. The bill also encourages businesses to rebuild in areas impacted by disasters by offering additional tax incentives for development.

Most importantly, it helps communities rebuild by allowing individuals to make larger tax-deductible donations and a tax benefit to individuals who provide free housing to people displaced by a disaster.

"It's only fair that we offer basic solutions to help our neighbors get back on their feet," said Reed.

In 2013, 11 counties altogether in New York experience flooding and received a disaster declaration. Damages to roads and infrastructure alone totaled over $25 million.  In the 2015, damages caused by flooding in late May are estimated at roughly 10 million dollars.

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