3.0.0 140 2025-09-10T13:55:58Z 2025-09-10T13:55:58Z House H HR 2025-01-03 119 https://www.congress.gov/bill/119th-congress/house-bill/140 <pre>[Congressional Record Volume 171, Number 1 (Friday, January 3, 2025)][House][Pages H40-H41]From the Congressional Record Online through the Government Publishing Office [<a href="https://www.gpo.gov">www.gpo.gov</a>]By Mr. BUCHANAN:H.R. 140.Congress has the power to enact this legislation pursuantto the following:Article 1 Section 8The single subject of this legislation is:To provide tax relief for damages relating to HurricanesHelene and Milton[[Page H41]]</pre> hswm00 Ways and Means Committee House Standing Referred To 2025-01-03T16:27:30Z 2025-01-03 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2025-01-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2025-01-03 Introduced in House IntroReferral 1000 9 Library of Congress B001260 Rep. Buchanan, Vern [R-FL-16] Vern Buchanan R FL 16 N E000246 Rep. Edwards, Chuck [R-NC-11] Chuck Edwards R NC 11 2025-01-22 False Taxation Charitable contributions 2025-05-09T18:13:40Z Employee benefits and pensions 2025-05-09T18:13:59Z Income tax credits 2025-05-09T18:13:33Z Income tax deductions 2025-05-09T18:13:48Z Natural disasters 2025-05-09T18:13:24Z Taxation 2025-02-05T14:59:18Z

00 2025-01-03 Introduced in House 2025-09-10T13:54:32Z <p><strong>Hurricane Helene and Milton Tax Relief Act of 2025</strong></p><p>This bill increases the tax deduction for charitable contributions related to Hurricanes Helene and Milton relief efforts and&nbsp;makes changes related to distributions and loans from retirement plans and the earned income tax credit (EITC) for eligible individuals impacted by the hurricanes.</p><p>The bill increases the maximum&nbsp;tax deduction for charitable contributions to 100% of adjusted gross income for individuals and 20% of taxable income for corporations for qualified hurricane disaster contributions. Further, individuals may claim a deduction for qualified hurricane disaster contributions even if they do not itemize their tax deductions.</p><p>The bill defines <em>qualified hurricane disaster contributions</em>, as charitable contributions for Hurricanes Helene and Milton relief efforts made on or after September 28, 2024, and before December 31, 2025.&nbsp;</p><p>The bill also&nbsp;</p><ul><li>eliminates the 10% penalty on early distributions from a qualified retirement plan for up to $100,000 of qualified hurricane disaster distributions to an eligible individual,</li><li>allows eligible individuals to include qualified hurricane disaster distributions in income over three years, and</li><li>increases the loan amount that may be borrowed from a qualified retirement plan to $100,000 and allows such loans to be repaid over a longer time period.</li></ul><p>An <em>eligible individual</em> is an individual whose principal home during the incident&nbsp;period was in a qualified hurricane disaster area and who sustained economic loss due to Hurricanes Helene or Milton.</p><p>Finally, the bill allows eligible individuals to calculate the&nbsp;EITC for the 2024 tax year using 2023 earned income.&nbsp;</p>

Display Title 45 2025-02-04T05:23:20Z Short Title(s) as Introduced 101 2025-02-04T05:23:19Z Introduced in House IH Official Title as Introduced 6 2025-02-04T05:18:16Z Introduced in House IH Introduced in House 2025-01-03T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119hr140ih/xml/BILLS-119hr140ih.xml 2025-01-03 Referred to the House Committee on Ways and Means. 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.