NEW YORK (CNN/Money) - The Internal Revenue Service announced a program Thursday where employees across the country can trade in their sick or vacation days in exchange for cash to help victims of Hurricane Katrina.

Under the program, employees can donate their sick, vacation or personal days back to their company, according to an IRS statement.

The company in turn will make a cash donation to any qualified tax-exempt organization providing relief in the region.

Employers can then deduct the amount of the donation from their taxes and employees do not have to count the donated time as income.

Katrina hit the Gulf Coast Aug. 29 as a category 4 hurricane and caused widespread flooding and damage in areas of Louisiana and Mississippi.

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Katrina victims' tax deadline extended, click here.