Bill Would Exempt Drywall Remediation From Taxes

Law360, New York (February 26, 2010, 3:10 PM EST) -- Rep. Anh Cao, R-La., has introduced a bill that would exempt from U.S. taxes payments made by federal, state or local governments to homeowners to replace hazardous Chinese drywall.

H.R. 4697, introduced Thursday, was co-sponsored by Bill Cassidy, R-La.; Glenn Nye, D.-Va.; Bill Posey, R.-Fla.; and Gene Taylor, D.-Miss. It has been referred to the U.S. House Committee on Ways and Means.

Louisiana set aside $5 million last year to help homeowners repair damage stemming from hazardous drywall. The U.S. Department of Housing and Urban Development...
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