H.R. 8440 · 116th Congress
Disaster Tax Relief Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
ThompsonSponsor2 cosponsors · 2 D
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill sets forth tax relief provisions for taxpayers residing in a disaster zone. Specifically, the bill
What it does: CRS summary · Introduced in House · Sep 29, 2020
Disaster Tax Relief Act of 2020
This bill sets forth tax relief provisions for taxpayers residing in a disaster zone. Specifically, the bill
- allows penalty-free qualified disaster distributions from tax-exempt retirement plans up to $100,000,
- allows recontributions of distributions for home purchases cancelled due to disasters,
- increases to $100,000 the limit on loans from retirement plans not treated as distributions,
- allows an employee retention tax credit for 40% of wages paid by employers affected by a disaster,
- expands eligibility for disaster-related personal casualty losses,
- permits the calculation of the earned income tax credit based upon income earned prior to 2020, and
- suspends the limitation on corporate charitable contributions.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Disaster Tax Relief Act of 2020
Latest action (Sep 29, 2020): Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, 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: Sep 29, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.