As previously reported, Rep. Bill Pascrell (D-NJ-09) led a bipartisan push for introduction of the Hurricane Sandy Tax Relief Act of 2013 (H.R. 2137). This bipartisan bill included a total of 28 co-sponsors. In addition to the tax credit allocations detailed earlier, the legislation also authorizes creation of Hurricane Sandy Recovery Bonds for the impacted area. Hurricane Sandy Recovery Bonds will be a new state-by-state private activity bond allocation, including $9.2 billion for New York, $9.2 billion for New Jersey and $3.2 billion for Connecticut. The bond allocation will provide financing for the rebuilding of certain housing and critical infrastructure including: water and sewage systems, docks and wharfs, commuter facilities and energy production facilities. The bill has been referred to the House Committee on Ways and Means for review.

Michael Pehur, Duane Morris Government Strategies (DMGS)