H.R. 3954 · 117th Congress
Disaster Tax Relief Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
ThompsonSponsorNo cosponsors.
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 · Jun 16, 2021
Disaster Tax Relief Act of 2021
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;
- allows exclusions from gross income, for income tax purposes, of amounts received from state-based catastrophe loss mitigation programs and emergency agricultural assistance;
- suspends the limitation on corporate charitable contributions;
- allows the Small Business Administration to award grants to accomodate extraordinary occurrences having a catastrophic impact on small business concerns; and
- allows a new tax credit for 30% of qualified wildfire mitigation expenditures.
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 2021
Latest action (Jul 20, 2021): Referred to the Subcommittee on General Farm Commodities and Risk Management.
Policy area: Taxation · Origin: House · Introduced: Jun 16, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.