BATON ROUGE (AP) —The Internal Revenue Service says it's granting a regulatory waiver requested by U.S. Sen. Bill Cassidy to allow those impacted by August floods in Louisiana early access to retirement funds without penalty.
Cassidy, in a statement Tuesday, said the hardship waiver will be critical for helping Louisianans get back on their feet quickly. He says since so many living in the affected areas didn't have flood insurance, "every tool possible needs to be implemented to allow them access to much needed emergency funds."
The hardship waiver will be in effect until Jan. 17, 2017, to allow flood victims access to emergency funds to account for losses that began Aug. 11.
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