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The bill, which is co-sponsored with New Jersey Senator Bob Menendez, would make all repair expenses tax deductible.

The proposal also includes tax credits for home and business repairs, and incentives to help businesses keep workers on the payroll.

People who provided free temporary housing for victims could also see a benefit, and people who had to withdraw from their retirement accounts to pay for storm costs could see penalties waived.

"When recovering from a hammer blow like Sandy, every bit of support helps," Schumer said. "Changes in the tax law will make it easier for families and small businesses to marshal more of their resources for recovery, rather than pay them to Uncle Sam."

"This bill is another important step in our region's recovery," Menendez said. "When Americans are in trouble, we come together as a community."

The senators said the measure wouldn't cost either New York or New Jersey any money, but Washington lawmakers could be hesitant to pass any bill that costs them revenue with the deadline looming for a solution to the fiscal cliff.