Political Quotes

“Last Tuesday, the IRS and the Department of the Treasury issued a ruling which was good news for folks who live in north central and eastern Connecticut as well as western Massachusetts. In a nutshell, what the IRS did was extend a property casualty loss deduction for homeowners who had foundations built over the last 20 years from material from a quarry which contained a metal substance called pyrrhotite which, when exposed to moisture over time, spiderweb cracks and, in fact, the houses are subject to full collapse. I have here a photograph which shows, again, a contractor who was repairing one of the foundations of an affected home which shows, again, how fragile the concrete foundation becomes as a result of this condition. Last year, the IRS issued a ruling that said that homeowners who make the repairs--which can cost up to $150,000 to $200,000 because, again, you have to lift the house, pull out the old foundation, pour a new foundation, and relower the house on top of it-- would at least be able to get a deduction under an IRS deduction provision that goes back decades, the property casualty loss provision, which was good news.…”