3.0.0 8440 2023-01-11T13:44:52Z 2023-01-11T13:44:52Z House HR 2020-09-29 116 [Congressional Record Volume 166, Number 169 (Tuesday, September 29, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. THOMPSON of California:H.R. 8440.Congress has the power to enact this legislation pursuantto the following:Article I[Page H5053]]]> hssm00 Small Business Committee House Standing Referred to 2020-09-29T16:04:25Z hswm00 Ways and Means Committee House Standing Referred to 2020-09-29T16:04:20Z Disaster Tax Relief Act of 2020 116 4596 S 2020-09-16 Read twice and referred to the Committee on Finance. Related bill CRS COVID-19 Earned Income Act 116 6762 HR 2020-05-08 Referred to the House Committee on Ways and Means. Related bill CRS Disaster RELIEF Act 116 8314 HR 2020-09-18 Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, 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 COVID-19 Earned Income Act 116 3542 S 2020-03-19 Read twice and referred to the Committee on Finance. Related bill CRS 2020 Disasters Tax Relief Act 116 4621 S 2020-09-17 Read twice and referred to the Committee on Finance. Related bill CRS 2020-09-29 Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, 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. IntroReferral H11100 2 House floor actions hssm00 Small Business Committee 2020-09-29 Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2020-09-29 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-09-29 Introduced in House IntroReferral 1000 9 Library of Congress T000460 Rep. Thompson, Mike [D-CA-5] MIKE THOMPSON D CA 5 N B000574 Rep. Blumenauer, Earl [D-OR-3] EARL BLUMENAUER D OR 3 2020-09-29 True F000467 Rep. Finkenauer, Abby [D-IA-1] Abby Finkenauer D IA 1 2020-09-29 True Taxation Business expenses Disaster relief and insurance Employee benefits and pensions Housing finance and home ownership Income tax credits Income tax deductions Income tax exclusion Tax administration and collection, taxpayers U.S. territories and protectorates Wages and earnings Taxation 00 2020-09-29 Introduced in House 2020-11-10T18:22:05Z Disaster Tax Relief Act of 2020

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,
  • permits the calculation of the earned income tax credit based upon income earned prior to 2020, and
  • suspends the limitation on corporate charitable contributions.
]]> Disaster Tax Relief Act of 2020 Display Title Disaster Tax Relief Act of 2020 Short Title(s) as Introduced Disaster Tax Relief Act of 2020 Introduced in House IH Official Title as Introduced To provide disaster tax relief. Introduced in House IH Introduced in House 2020-09-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr8440ih/xml/BILLS-116hr8440ih.xml 2020-09-29 Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, 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. 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.