3.0.0 4621 2023-01-11T13:44:45Z 2023-01-11T13:44:45Z Senate S 2020-09-17 116 ssfi00 Finance Committee Senate Standing Referred to 2020-09-17T20:20:00Z Disaster Tax Relief Act of 2020 116 4596 S 2020-09-16 Read twice and referred to the Committee on Finance. Related bill CRS Further Consolidated Appropriations Act, 2020 116 1865 HR 2019-12-20 Became Public Law No: 116-94. Related bill CRS Disaster Tax Relief Act of 2020 116 8440 HR 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. Related bill CRS 2020-09-17 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2020-09-17 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2020-09-17 True F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2020-09-17 True M001111 Sen. Murray, Patty [D-WA] Patty Murray D WA 2020-09-17 True H001075 Sen. Harris, Kamala D. [D-CA] Kamala Harris D CA D. 2020-09-17 True C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2020-09-21 False 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 Low- and moderate-income housing Tax administration and collection, taxpayers U.S. territories and protectorates Wages and earnings Taxation 00 2020-09-17 Introduced in Senate 2020-11-12T19:28:48Z 2020 Disasters Tax Relief Act

This bill sets forth tax relief provisions for individual and business taxpayers residing in a disaster zone during the period beginning on January 1, 2020, and ending 60 days after the enactment of this bill. 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 cancelled due to disasters,
  • increases to $100,000 the limit on loans for disaster assistance from retirement plans,
  • allows employers affected by a disaster a 40% tax credit for the purpose of retaining employees,
  • enhances the tax deduction for disaster-related personal casualty losses,
  • permits the calculation of the earned income tax credit based upon income earned prior to 2020,
  • increases low-income housing tax credit allocations,
  • reimburses U.S. possessions for losses sustained due to the application of the provisions of this bill.
]]> 2020 Disasters Tax Relief Act Display Title 2020 Disasters Tax Relief Act Short Title(s) as Introduced 2020 Disasters Tax Relief Act Introduced in Senate IS Official Title as Introduced A bill to provide tax relief for persons affected by certain 2020 disasters. Introduced in Senate IS Introduced in Senate 2020-09-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s4621is/xml/BILLS-116s4621is.xml 2020-09-17 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.