H.R. 8440
Referred to CommitteeDisaster Tax Relief Act of 2020
Latest Action
Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
9/29/2020 • House
Summary
Disaster Tax Relief Act of 2020
This bill sets forth tax relief provisions for taxpayers residing in a disaster zone. Specifically, the bill
- allows penalty-free qualified disaster distributions from tax-exempt retirement plans up to $100,000,
- allows recontributions of distributions for home purchases cancelled due to disasters,
- increases to $100,000 the limit on loans from retirement plans not treated as distributions,
- allows an employee retention tax credit for 40% of wages paid by employers affected by a disaster,
- expands eligibility for disaster-related personal casualty losses,
- permits the calculation of the earned income tax credit based upon income earned prior to 2020, and
- suspends the limitation on corporate charitable contributions.
Introduced in House • 9/29/2020
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Bill Journey
Originated in the House
Introduced
September 29, 2020
Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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Floor Debate
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Enacted into Law