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Committee on Ways and Means For Immediate Release Senate Has Not Acted on Holocaust Restitution and Victim Tax Fairness Act WASHINGTON - It was over 100 days ago the that House overwhelmingly voted for the ‘Holocaust Restitution and Victim Tax Fairness Act’ (H.R. 4823), a bill that would provide important relief to those individuals and their families who were victims of the National Socialist regime. To date, the Senate has not acted. “I urge the Senate to pass this fair and responsible piece of legislation. The government should not be profiting from restitution payments that are intended to compensate victims and their families for the pain and suffering they experienced as a result of the Holocaust,” said Rep. Bill Thomas (R-CA), Chairman of the Ways and Means Committee. On June 4, 2002, the House passed H.R. 4823 by a vote of 392-1. The legislation would allow Holocaust victims to permanently exclude any restitution payments they may receive from their calculation of income. This exclusion for restitution payments was included in President Bush’s tax relief package, H.R. 1836, but because of an arcane rule in the Senate, this provision “sunsets,” or expires at the end of 2010. H.R. 4823 simply repeals the sunset and makes the exclusion permanent. “Just last week, a commission dealing with Holocaust-era insurance claims announced that, in accord with a foundation of German companies, $275 million would be made available for compensation, including payments to victims’ families,” Thomas said. “It is my hope that this announcement will only further prompt the Senate to take up this measure.” |