S. 2544

Referred to Committee

Hurricanes Florence and Michael and California Wildfire Tax Relief Act

Introduced 9/25/2019•116th Congress•Senate

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Read twice and referred to the Committee on Finance.

9/25/2019 • Senate

Summary

Hurricanes Florence and Michael and California Wildfire Tax Relief Act

This bill provides for tax relief for individuals in areas affected by Hurricanes Florence and Michael and the California wildfires. Specifically, it

allows tax-free distributions from tax-preferred pension plans for disaster-related expenses,
increases the limit on allowable loans from pension plans,
allows employers in disaster areas a tax credit to assist in retaining employees affected by disasters,
suspends the limitation on the tax deduction for charitable contributions for disaster relief,
allows nonitemizing taxpayers to claim personal casualty losses, and
allows the use of earned income for the preceding year for claiming the earning income and child tax credits.

Introduced in Senate • 9/25/2019

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Topics & Subjects

Policy Area: Taxation

CaliforniaCharitable contributionsDisaster relief and insuranceEmployee benefits and pensionsFiresFloridaForests, forestry, treesIncome tax creditsIncome tax deductionsIncome tax exclusionNatural disastersNorth CarolinaPoverty and welfare assistanceSouth CarolinaTax administration and collection, taxpayersTax treatment of familiesVirginiaWages and earnings