S. 4621

Referred to Committee

2020 Disasters Tax Relief Act

Introduced 9/17/2020•116th Congress•Senate

Congress.gov

Latest Action

Read twice and referred to the Committee on Finance.

9/17/2020 • Senate

Summary

2020 Disasters Tax Relief Act

This bill sets forth tax relief provisions for individual and business taxpayers residing in a disaster zone during the period beginning on January 1, 2020, and ending 60 days after the enactment of this bill. Specifically, the bill

allows penalty-free disaster-relief withdrawals from tax-exempt retirement plans up to $100,000,
permits recontributions of such withdrawals for home purchases cancelled due to disasters,
increases to $100,000 the limit on loans for disaster assistance from retirement plans,
allows employers affected by a disaster a 40% tax credit for the purpose of retaining employees,
enhances the tax deduction for disaster-related personal casualty losses,
permits the calculation of the earned income tax credit based upon income earned prior to 2020,
increases low-income housing tax credit allocations,
reimburses U.S. possessions for losses sustained due to the application of the provisions of this bill.

Introduced in Senate • 9/17/2020

Enter your district to see how this bill affects your community

Topics & Subjects

Policy Area: Taxation

Business expensesDisaster relief and insuranceEmployee benefits and pensionsHousing finance and home ownershipIncome tax creditsIncome tax deductionsIncome tax exclusionLow- and moderate-income housingTax administration and collection, taxpayersU.S. territories and protectoratesWages and earnings