| Bill | S 4621 |
|---|---|
| Type of Legislation | Senate Bill |
| Congress | 116 |
| Status | Archived — 116th Congress concluded |
| Source | View original on Congress.gov |
Geographic Scope
National
Description
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.
Bill Title
2020 Disasters Tax Relief Act
Linked Goals
Steps
- 2020-09-17: Read twice and referred to the Committee on Finance.
- 2020-09-17: Introduced in Senate
Projected Outcome
A more informed proposal or public response aligned with the Promote General Welfare goal.