S. 2634 · 113th Congress
National Disaster Tax Relief Act of 2014
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
PryorSponsor10 cosponsors · 9 D, 1 R
D
Bennet
CB
D
Booker
KG
D
Gillibrand
ML
D
Landrieu
BM
D
Menendez
JR
D
Rockefeller
CS
D
Schumer
MU
D
Udall
DV
R
Vitter
BC
D
Cardin9 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
National Disaster Tax Relief Act of 2014 - Amends the Internal Revenue Code to provide tax relief for disasters declared in 2012, 2013, and 2014 by:
What it does: CRS summary · Introduced in Senate · Jul 22, 2014
National Disaster Tax Relief Act of 2014 - Amends the Internal Revenue Code to provide tax relief for disasters declared in 2012, 2013, and 2014 by:
- extending through 2014 the election to expense qualified disaster expenses (i.e., for removal of debris, demolition, and repair of business-related property);
- increasing the tax deduction for charitable contributions for disaster relief for individual and corporate taxpayers;
- allowing through 2014 the deduction of losses attributable to disasters;
- allowing waivers of requirements relating to mortgage revenue bonds;
- extending through 2014 the additional allowance for depreciation of business property (bonus depreciation);
- allowing an increase through 2016 of the new markets tax credit limitation amount within a federally-declared disaster area;
- permitting the use of tax-exempt retirement plan funds in federally-declared disasters without penalty;
- allowing an additional tax exemption for individuals who are displaced as a result of a federally-declared disaster;
- allowing an exclusion from gross income of imputed income from the cancellation of indebtedness resulting from federally-declared disasters;
- providing a special rule to allow individuals affected by a disaster in 2012, 2013, or 2014 to claim a full earned income tax credit;
- increasing the rehabilitation tax credit for buildings affected by a federally-declared disaster;
- permitting one additional advance refunding of a tax-exempt bond that is outstanding on the date on which a federally-declared disaster occurs;
- allowing the issuance of qualified disaster area recovery bonds;
- allowing an additional allocation of the low-income housing tax credit in 2015 to states affected by a federally-declared disaster occurring in 2012 2013, or 2014;
- allowing payments of disaster assistance to tax-exempt mutual ditch or irrigation companies without affecting their tax-exempt status;
- allowing an exclusion from gross income for disaster mitigation payments received from state and local governments; and
- allowing a tax deduction for payments to a tax-exempt natural disaster fund.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: National Disaster Tax Relief Act of 2014
Latest action (Jul 22, 2014): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jul 22, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.