In a display of bipartisan cooperation, the Senate and the House on Thursday unanimously approved legislation allowing extra time for 2004 deductions for tsunami relief donations, just two days after it was proposed by Senate Finance Committee chair Chuck Grassley, R-Iowa, and ranking member Max Baucus, D-Mont.

Under the new law, taxpayers will be permitted to claim a deduction in tax year 2004 for cash donations made before Jan. 31, 2005, for tsunami disaster relief. Under current law, taxpayers would have to wait until 2006 to claim a tax deduction for tsunami-related gifts made after Dec. 31, 2004.

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