Skip to Content

Sen. Cruz Urges Texans to Take Advantage of Hurricane Survivor Tax Benefits as Deadline Approaches

‘Texans impacted by Hurricane Harvey and who are still rebuilding have until the end of the year to access their savings without a penalty’

November 28, 2018

  |  

202-228-7561

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) today reminded Texans impacted by Hurricane Harvey who are still rebuilding their homes and businesses that they have until the end of the year to access their retirement accounts without having to pay the ten percent penalty that typically applies. Retirement account withdrawals must be made by December 31, 2018.

The full video transcript is below, and may be viewed here

“Last year millions of Texans across the Gulf Coast felt the impact of Hurricane Harvey. In the aftermath of Harvey’s destruction, we saw homes damaged beyond repair, causing financial hardship for many Texans. We also saw members of Congress in Washington unite to pass crucial legislation to respond to the 2017 hurricanes, including a hurricane tax relief bill that I authored with Senators Cornyn and Rubio which provided significant tax relief for survivors of Hurricanes Harvey, Maria, and Irma. The Cruz-Cornyn-Rubio legislation passed with bipartisan support and was signed into law by President Trump. An important part of this bill eliminated the tax penalty for hurricane victims who wanted to withdraw from retirement accounts to pay for the costs of repairs from storm damages.

“So, those hit by these disastrous hurricanes now have the ability to withdraw money from their 401k plans or any other retirement plans in order to rebuild from the storm without having to pay the ten percent penalty that typically applies. Retirement account withdrawals must be made by December 31, 2018. Texans impacted by Hurricane Harvey and who are still rebuilding have until the end of the year to access their savings without a penalty. I strongly urge my fellow Texans, if you are still in the process of rebuilding and recovering from the ravages of Harvey, to contact your tax advisor for more information or go to the IRS website at irs.gov.

“I am encouraged by the progress we’ve seen over the past year, but the road to recovery continues. I will continue working hard every day to ensure that Texas communities still suffering from Hurricane Harvey receive the help they need. Together, we will rebuild stronger than ever before.”

###

Offices

Central TX

(512) 916-5834
300 E 8th
Suite 961
Austin, TX 78701
Email

 

North TX

(214) 599-8749
Lee Park Tower II
3626 N. Hall St.
Suite 410
Dallas, TX 75219
Email

Southeast TX

(713) 718-3057
The Mickey Leland Federal Building
1919 Smith Street
Suite 9047
Houston, TX 77002

Email

South/Cen. TX

(210) 340-2885
9901 IH-10W
Suite 950
San Antonio, TX 78230
Email

East TX

(903) 593-5130
305 S. Broadway
Suite 501
Tyler, TX 75702
Email

South TX

(956) 686-7339
200 S. 10th St
Suite 1603
McAllen, TX 78501
Email

West TX

Email

Washington, D.C.

(202) 224-5922
404 Russell
Washington, DC 20510
Contact

Generated in 0.091 seconds.