3.0.0 3358 2023-01-11T13:33:33Z 2023-01-11T13:33:33Z Senate S 2016-09-20 114 ssfi00 Finance Committee Senate Standing Referred to 2016-09-20T18:44:23Z Louisiana Flood and Storm Devastation Tax Relief Act of 2016 114 6137 HR 2016-09-22 Referred to the House Committee on Ways and Means. Related bill CRS 2016-09-20 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2016-09-20 Introduced in Senate IntroReferral 10000 9 Library of Congress C001075 Sen. Cassidy, Bill [R-LA] Bill Cassidy R LA N V000127 Sen. Vitter, David [R-LA] David Vitter R LA 2016-09-20 True Taxation Taxation 00 2016-09-20 Introduced in Senate 2017-03-03T19:48:58Z Flood Emergency Tax Relief Act of 2016 (FLETRA)

This bill amends the Internal Revenue Code to permit individuals impacted by flooding in the Mississippi Delta to make penalty-free withdrawals from retirement accounts.

The bill waives the 10% additional tax on early distributions from retirement plans for up to $100,000 in distributions made on or after August 11, 2016, and before January 1, 2018. The distributions must be made to an individual: (1) whose principal place of abode on August 11, 2016, is located in the Mississippi River Delta disaster area, and (2) who has sustained an economic loss by reason of the severe storms and flooding giving rise to the Presidential declaration of a major disaster area in Louisiana on or after August 11, 2016, and before September 1, 2016.

A taxpayer who has received such a distribution may: (1) repay the distribution by making additional contributions to a retirement account within three years, and (2) include the distribution in gross income by dividing the amount over a three-year period.

]]> Flood Emergency Tax Relief Act of 2016 (FLETRA) Display Title Flood Emergency Tax Relief Act of 2016 (FLETRA) Official Title as Introduced A bill to provide special rules for the use of retirement funds for relief relating to severe flooding in the Mississippi Delta. Introduced in Senate IS Short Titles as Introduced Flood Emergency Tax Relief Act of 2016 (FLETRA) Introduced in Senate 2016-09-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s3358is/xml/BILLS-114s3358is.xml 2016-09-20 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.