Payroll Partners’ Post

U.S. communities recovering from major natural #disasters now have more time to apply for a #resilience-focused grant program that FEMA offers in the wake of such events. The change to the Hazard Mitigation Grant Program may seem small, but officials hope it will make more federal dollars accessible to communities looking to rebuild stronger -- and reduce the administrative burden on FEMA and grant applicants alike. I break the final rule down for Smart Cities Dive:

The U.S. Senate has passed the Federal Disaster Tax Relief Act of 2023, designating several presidentially-declared disasters as qualified disaster events. The bill allows individuals to claim losses from hurricanes without itemizing deductions and does not exceed 10% of a claimant's adjusted gross income. It covers major disasters occurring up to six months after a president signs a disaster declaration. The legislation excludes compensation for expenses or losses incurred due to wildfire disasters declared after 2014. Read here for more info: https://buff.ly/49CQfAp

Preparing ahead of a natural disaster can help you in the aftermath. #IRS offers preparation assistance and relief for affected individuals and businesses. Learn about available resources. We are here to help! irs.gov/disasters #HHM24

Editorial: In the face of funding shortfalls at FEMA and mounting natural disasters, the Council of Development Finance Agencies is advocating for the creation of “disaster recovery bonds” — federally tax-exempt and ready for issuance upon a state-level emergency declaration. This initiative aims to ensure swift, local access to disaster relief funding. Read the full editorial: https://lnkd.in/gtRF8_Bb #fema #disasterrelief #CDFA #developmentfinance Jamie Karl

FEMA Disaster Relief Funds. This article from the non-partisan congressional budget office may help some readers better understand how that particular account is funded. The congress determines how much money that account gets and what FEMA is allowed AND PROHIBITED from spending the funds on. FEMA, like most government departments and agencies, would prefer to have the flexibility to shift funds between accounts as events require, just like we would between say our IRAs and Roths and 401(k)s and checking and savings accounts. But we can't, not without paying fees and or penalties. In the case of government accounts, shifting or 'repurposing' even unused funds is, in most cases, legally prohibited (see above, re: congress). See also the 475-page budget breakdown with each authorization broken down to the nearest dollar: https://lnkd.in/daGnZYcF https://lnkd.in/dxdyYfeD

Section 139T allows individuals to deduct expenses incurred for disaster preparedness and emergency supplies. This provision encourages proactive measures to mitigate the impact of natural disasters, providing tax benefits for individuals investing in preparedness efforts such as emergency kits, home reinforcement, and evacuation plans. #Section139T #DisasterPreparednessDeduction #TaxBenefits #EmergencyPreparedness

The federal government estimates it will need to pay almost $3.4 billion for its share of the disaster recovery bills for flooding and landslides that devastated British Columbia’s Fraser Valley in November 2021. But more than two years after that disaster occurred, only about 40 per cent of that has been paid.

Fortunately, there is enough FEMA relief funding for immediate relief, but what about the future and will it be sustainable? Despite changing weather patterns, population migration to climate-risk regions is still trending. Yet local governments often do not adequately restrict development in vulnerable areas. Congress is under constant pressure to increase FEMA’s funding, but the cost of reactive emergency relief is burgeoning. This cycle is unsustainable unless Congress and FEMA expand programs that shift funding to pre-disaster programs for communities that enact protective land-use plans, such as, zoning that restricts development in vulnerable areas. The below article link discusses existing legislation and programs that could be expanded. #FEMA #disasterpreparedness #BRIC

Understanding the FEMA Disaster Recovery Funding Process FEMA’s Disaster Relief Fund: Budgetary History and Projections This 2022 link Describes the Funding Process. Do Not believe the nonsense the Republicans are shouting on the TV News and Political Stages. Read it for yourself from the Congressional Budget Office. https://lnkd.in/eKw9EXAu

When disaster strikes, every second counts. Ensure a swift and efficient recovery for your business or government with the help of commercial restoration professionals. Joe Johnson and Commercial Restoration Services are here to support you throughout the spring and summer months of 2024. #QuickRecovery #CommercialRestoration