S. 4596 · 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.
R
ErnstSponsor4 cosponsors · 1 D, 3 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill sets forth tax relief provisions for individual and business taxpayers residing in a disaster zone during the period beginning on July 1, 2020, and ending 60 days after the enactment of this bill.
What it does: CRS summary · Introduced in Senate · Sep 16, 2020
Disaster Tax Relief Act of 2020
This bill sets forth tax relief provisions for individual and business taxpayers residing in a disaster zone during the period beginning on July 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,
- increases the tax deduction for corporate disaster relief contributions,
- 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, and
- reimburses U.S. possessions for losses sustained due to the application of the provisions of this bill.
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 16, 2020): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Sep 16, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.