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<br />Learn-Assess <br /> <br />reductions in property taxes, abatement or deferral <br />of taxes to entice or retain businesses in an area, <br />and the establishment of enterprise zones or other <br />special business zones to promote development <br />and employment in economically depressed areas. <br />These make locating businesses, homes, and other <br />development in some flood-prone areas financially <br />feasible and even attractive. On top of this, the <br />federal Internal Revenue Code and many state <br />codes also provide casualty loss deductions on <br />income taxes to those suffering flood losses. After <br />disastrous floods, many states and localities <br />provide additional types of tax relief, reducing or <br />temporarily suspending real estate taxes or <br />business taxes for those affected by flooding, for <br />example. <br /> <br />Still, more integration of tax policies and <br />floodplain management is occurring. The Tax <br />Reform Act of 1986, for example, made major <br />changes in the Internal Revenue Code, some of <br />which have an impact on floodplain management. <br />Individual casualty loss deductions under $100 are <br />now prohibited, and the deduction is limited to the <br />portion of the loss that exceeds 10% of the <br />adjusted gross income. The new rule does not <br />apply to business property. The Act also <br />eliminated or restricted many of the tax deductions <br />and credits that had been used as incentives to <br />build in floodplains, on barrier islands, and at other <br />hazardous locations. <br /> <br />Home Leamine Center Back <br /> <br />Flood Emergency Measures <br /> <br />Flood emergency measures are typically carried <br />out by local civil defense, police and fire <br />departments, public works agencies, and public <br />health personnel, supplemented as necessary by <br />assistance from state and federal agencies. <br />Emergency activities during and innnediately after <br /> <br />Page 25 of36 <br />