National Disaster Tax Relief Act of 2017

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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

R ReedSponsor

9 cosponsors · 6 D, 3 R

1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

This bill amends the Internal Revenue Code to provide tax relief for federally-declared disasters in 2012, 2013, 2014, and 2015. For individuals and businesses located in or investing in the affected areas, the bill allows:

What it does: CRS summary · Introduced in House · Sep 5, 2017

National Disaster Tax Relief Act of 2017

expensing of certain disaster expenses,
increased deductions for charitable contributions for disaster relief,
modifications to rules regarding the deduction of losses attributable to disasters,
waivers of certain mortgage revenue bond requirements,
an extension of the additional depreciation allowance for business property (bonus depreciation),
an increased new markets tax credit limitation,
penalty-free distributions from retirement plans,
an additional tax exemption for individuals who are displaced,
an exclusion from gross income for certain cancellations of indebtedness,
a modified rule for determining the earned income of individuals for the earned income tax credit and the child tax credit,
an increased rehabilitation tax credit for buildings,
additional advance refundings of certain tax-exempt bonds,
disaster area recovery bonds,
additional low-income housing tax credit allocations,
payments of disaster assistance to tax-exempt mutual ditch or irrigation companies without affecting their tax-exempt status,
an exclusion from gross income for disaster mitigation payments received from state and local governments,
a deduction for payments to a tax-exempt natural disaster fund,
a five-year replacement period for property for purposes of the exclusion of gain from an involuntary conversion,
a tax credit for a portion of the wages paid to employees, and
an enhanced deduction for medical expenses.

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 2017

Latest action (Sep 5, 2017): Referred to the House Committee on Ways and Means.

Policy area: Taxation · Origin: House · Introduced: Sep 5, 2017

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.