Disasters and Energy Concerns Bring Tax Changes

Gardner, Randy; Welch, Julie
February 2006
Journal of Financial Planning;Feb2006, Vol. 19 Issue 2, p42
Academic Journal
The article discusses the impact of several natural disasters and energy-related legislative acts implemented in 2005 on taxation in the U.S. The Energy Tax Incentives Act of 2005 is perceived as complicated and results in minor savings for individuals and business enterprises. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 allows creditors to access traditional individual retirement account (IRA) and Roth IRA assets in excess of $1 million. The Katrina Tax Relief Act of 2005 offers a retirement plan leniency for Hurricane Katrina victims.


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