3.0.0 1892 2023-01-11T13:38:32Z 2023-01-11T13:38:32Z Senate S 2017-09-28 115 ssfi00 Finance Committee Senate Standing Referred to 2017-09-28T19:08:52Z Hurricane Florence Tax Relief Act 115 6854 HR 2018-09-20 Referred to the House Committee on Ways and Means. Related bill CRS Hurricanes Florence and Michael and California Wildfire Tax Relief Act 115 3648 S 2018-11-15 Read twice and referred to the Committee on Finance. Related bill CRS Disaster Tax Relief and Airport and Airway Extension Act of 2017 115 3823 HR 2017-09-29 Signed by President. Related bill CRS California Wildfire Disaster Tax Relief Act of 2017 115 4397 HR 2017-11-15 Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, 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. Related bill CRS 2017-09-28 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-09-28 Introduced in Senate IntroReferral 10000 9 Library of Congress C001098 Sen. Cruz, Ted [R-TX] Ted Cruz R TX N C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX 2017-09-28 True R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2017-09-28 True Taxation Taxation 00 2017-09-28 Introduced in Senate 2017-10-05T14:08:14Z This bill amends the Internal Revenue Code to allow various tax credits, deductions, and modifications to existing rules for individuals and businesses affected by Hurricanes Harvey, Irma, and Maria.

With respect to individuals and businesses in the affected areas, 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 23, 2017, and before January 1, 2019;
  • permits individuals to recontribute funds to retirement plans if the funds were distributed for a home purchase in a hurricane disaster area that was cancelled on account of the hurricanes;
  • increases the limit and extends the repayment deadline for loans from retirement plans;
  • allows an employee retention tax credit for employers equal to 40% of the qualified wages (up to $6,000 per employee) paid to an employee whose principal place of employment on specified dates was in a hurricane disaster zone;
  • modifies the deduction for charitable contributions to temporarily suspend the limitations on charitable contributions made before December 31, 2017, for relief efforts in the hurricane disaster areas;
  • modifies the deduction for personal casualty losses in the hurricane disaster areas to eliminate: (1) the requirement for losses to exceed 10% of adjusted gross income to qualify for the deduction, and (2) the requirement to itemize; and
  • allows taxpayers to use earned income from the immediately preceding year for the purpose of determining earned income for the earned income tax credit and the child tax credit.
]]> A bill to provide tax relief related to Hurricanes Harvey, Irma, and Maria. Display Title A bill to provide tax relief related to Hurricanes Harvey, Irma, and Maria. Official Title as Introduced A bill to provide tax relief related to Hurricanes Harvey, Irma, and Maria. Introduced in Senate 2017-09-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1892is/xml/BILLS-115s1892is.xml 2017-09-28 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.