Bill Nelson: “on Sunday afternoon, Hurricane Dennis made landfall on Florida's Gulf Coast, causing billions of dollars in damage…”

“on Sunday afternoon, Hurricane Dennis made landfall on Florida's Gulf Coast, causing billions of dollars in damage, taking four lives and bringing back terrible memories of last summer's four hurricanes. Some people in north Florida were still recovering from Hurricane Ivan when Dennis struck. I was down in Pensacola on Monday and saw the damage wrought by Dennis. People are still without power in the summer heat. Food, clean water and ice are absolutely vital right now. Many coastal areas, like the small village of St. Mark's, were deluged by water from the ten foot storm surge. Mitigation helps us to better prepare for future storms, lessens their impact and saves lives. Last summer, when the Internal Revenue Service ruled that FEMA mitigation grants must be reported as taxable income, I worked to advance a bill ensuring they were exempt from Federal taxes. This bill was signed into law by the President on April 15. Each year, hundreds of Floridians use mitigation grants to protect their lives and property from future natural disasters. Now they know for sure that accepting a mitigation grant to flood proof their home won't result in higher taxes. Yet even with this relief, another IRS ruling is causing problems with the flood insurance program. That's because according to the IRS, a National Flood Insurance Program, NFIP, grant must be included as income.…”