The city of Panama City is urging Congress to pass tax relief for those suffering from hurricane Michael.
Tuesday morning the commission passed a resolution showing their support for tax relief. They’re asking Congress to provide impacted residents relief from casualty loss deduction limits from their personal property and allow taxpayers who take the standard deduction to make the casualty loss deduction. They’re also asking for residents to be allowed to withdraw funds from retirement plans tax-free.
Mayor Greg Brudnicki said this will help with the many uninsured losses stemming from hurricane Michael.
“It’s certainly going to be a win-win for Congress to pass that for us because we did have a devastating hurricane,” said Brudicki.