H.R. 4397 · 115th Congress
California Wildfire 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.
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WaltersSponsor22 cosponsors · 14 D, 8 R
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Brownley
AB
D
Bera
KC
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Calvert
JC
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Costa
JD
R
Denham
MD
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DeSaulnier
AE
D
Eshoo
JG
D
Garamendi
JG
D
Gomez
JH
D
Huffman
ZL
D
Lofgren
BL
D
Lee
DL
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LaMalfa
DM
D
Matsui
KM
R
McCarthy
ER
R
Royce
JS
D
Speier
MT
D
Thompson
SK
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Knight
DH
R
Hunter
TM
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McClintock
AL
D
Lowenthal18 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code to allow various tax credits, deductions, and modifications to existing rules for individuals and businesses affected by wildfires in California.
What it does: CRS summary · Introduced in House · Nov 15, 2017
California Wildfire Disaster Tax Relief Act of 2017
This bill amends the Internal Revenue Code to allow various tax credits, deductions, and modifications to existing rules for individuals and businesses affected by wildfires in California.
With respect to individuals and businesses in the affected areas, the bill:
- waives the 10% additional tax on early distributions from retirement plans for up to $100,000 in distributions made on or after October 8, 2017, and before January 1, 2019;
- permits individuals to recontribute funds to retirement plans if the funds were distributed for a home purchase in a wildfire disaster area that was cancelled on account of the wildfires;
- increases the limit and extends the repayment deadline for loans from retirement plans;
- allows an employee retention tax credit for a portion of the wages paid to an employee whose principal place of employment on specified dates was in a wildfire disaster zone;
- temporarily suspends the limitation on charitable contributions for relief efforts in the wildfire disaster areas;
- modifies the rules for the deduction for personal casualty losses, and
- allows taxpayers to use earned income from the immediately preceding year for the purpose of determining earned income for the earned income tax credit and the child tax credit.
The bill is designated as an emergency requirement, which exempts the budgetary effects of the bill from certain budget enforcement rules, such as Pay-As-You-Go (PAYGO) rules.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: California Wildfire Disaster Tax Relief Act of 2017
Latest action (Nov 15, 2017): Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Taxation · Origin: House · Introduced: Nov 15, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.