Greenville Reporter

Congressman Greg Murphy, M.D. has introduced the Disaster Tax Lookback Parity Act, a bipartisan legislation designed to provide tax relief for disaster victims. Speaking about the bill, Congressman Murphy emphasized its importance for those affected by natural disasters, stating, “Eastern North Carolinians know all too well the impact a natural disaster can have on families.”

Joining Congressman Murphy in this effort is Congressman Jimmy Panetta, who highlighted the significance of the legislation in providing fairness and relief for communities recovering from severe weather. Congressman Panetta remarked, “Our straightforward, bipartisan legislation would create parity and allow families and small businesses rebuilding after a natural disaster additional time to claim this assistance.”

Support for the Disaster Tax Lookback Parity Act has also come from Peter Mills, Senior Manager at AICPA Tax Policy & Advocacy. Mills expressed his approval of the bill, stating, “We are pleased that the Disaster Tax Lookback Parity Act of 2024 would provide taxpayers impacted by disasters with this benefit.”

The legislation aims to address the current disparity in tax filing extensions, where taxpayers who request an extension are granted additional time to claim refunds or credits, while those affected by postponed filing dates due to natural disasters do not receive the same benefit. The Disaster Tax Lookback Parity Act seeks to provide victims of natural disasters with the same extended period for claiming refunds, aligning with recommendations from the National Taxpayer Advocate.

This bipartisan initiative led by Congressman Murphy and Congressman Panetta is expected to have a positive impact on disaster-affected communities, providing much-needed relief to individuals and businesses navigating the aftermath of natural disasters.