HR 4044
102th Congress
House
Taxation
Disaster loans
Disasters
Government securities
Income tax
Individual retirement accounts
Local finance
Losses
Small business
State finance
Tax credits
Tax exclusion
Tax penalties
Tax-exempt securities
To amend the Internal Revenue Code of 1986 to provide tax relief for certain disaster losses, and for other purposes.
Introduced: November 26, 1991
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 26, 1991
Referred to the House Committee on Ways and Means.
Nov 26, 1991
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to allow a tax credit for unused disaster losses attributable to a disaster occurring before December 31, 1992. Prohibits the use of the tax credit together with the tax deduction for losses.
Sets forth special rules for disaster losses involving residences.
Allows penalty-free withdrawals from retirement plans for disaster losses occurring after July 31, 1989, and before January 1, 1993.
Provides a tax exemption for State and local bonds used to provide disaster loans to small and moderate businesses for disasters occurring after July 31, 1989.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1