National Disaster Tax Relief Act of 2017 2017-09-05 Introduced in House National Disaster Tax Relief Act of 2017

This bill amends the Internal Revenue Code to provide tax relief for federally-declared disasters in 2012, 2013, 2014, and 2015. For individuals and businesses located in or investing in the affected areas, the bill allows:

  • expensing of certain disaster expenses,
  • increased deductions for charitable contributions for disaster relief,
  • modifications to rules regarding the deduction of losses attributable to disasters,
  • waivers of certain mortgage revenue bond requirements,
  • an extension of the additional depreciation allowance for business property (bonus depreciation),
  • an increased new markets tax credit limitation,
  • penalty-free distributions from retirement plans,
  • an additional tax exemption for individuals who are displaced,
  • an exclusion from gross income for certain cancellations of indebtedness,
  • a modified rule for determining the earned income of individuals for the earned income tax credit and the child tax credit,
  • an increased rehabilitation tax credit for buildings,
  • additional advance refundings of certain tax-exempt bonds,
  • disaster area recovery bonds,
  • additional low-income housing tax credit allocations,
  • payments of disaster assistance to tax-exempt mutual ditch or irrigation companies without affecting their tax-exempt status,
  • an exclusion from gross income for disaster mitigation payments received from state and local governments,
  • a deduction for payments to a tax-exempt natural disaster fund,
  • a five-year replacement period for property for purposes of the exclusion of gain from an involuntary conversion,
  • a tax credit for a portion of the wages paid to employees, and
  • an enhanced deduction for medical expenses.
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