S. 3043 · 118th Congress
Natural Disaster Tax Relief Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
HironoSponsor1 cosponsor · 1 D
1 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 taxpayers for losses resulting from a major disaster occurring in 2023.
What it does: CRS summary · Introduced in Senate · Oct 16, 2023
Natural Disaster Tax Relief Act of 2023
This bill sets forth tax relief provisions for individual taxpayers for losses resulting from a major disaster occurring in 2023.
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 or construction cancelled due to the disaster,
- increases to $100,000 the limit on loans for disaster assistance from retirement plans, and
- enhances the tax deduction for disaster-related personal casualty losses.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Natural Disaster Tax Relief Act of 2023
Latest action (Oct 16, 2023): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Oct 16, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.