HR 5082 113th Congress House Taxation Business investment and capital Charitable contributions Credit and credit markets Disaster relief and insurance Employee benefits and pensions Financial services and investments Homelessness and emergency shelter Housing finance and home ownership Income tax credits Income tax deductions Income tax exclusion Life, casualty, property insurance Low- and moderate-income housing Natural disasters Poverty and welfare assistance Residential rehabilitation and home repair Securities Social work, volunteer service, charitable organizations State and local government operations

National Disaster Tax Relief Act of 2014

Introduced: July 11, 2014 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 11, 2014

Referred to the House Committee on Ways and Means.

Jul 11, 2014

Introduced in House

Plain-English summary Congressional Research Service

National Disaster Tax Relief Act of 2014 - Amends the Internal Revenue Code to provide tax relief for disasters declared in 2012, 2013, and 2014 by:

extending through 2014 the election to expense qualified disaster expenses (i.e., for removal of debris, demolition, and repair of business-related property);
increasing the tax deduction for charitable contributions for disaster relief for individual and corporate taxpayers;
allowing through 2014 the deduction of losses attributable to disasters;
allowing waivers of requirements relating to mortgage revenue bonds;
extending through 2014 the additional allowance for depreciation of business property (bonus depreciation);
allowing an increase through 2015 of the new markets tax credit limitation amount within a federally-declared disaster area;
permitting the use of tax-exempt retirement plan funds in federally-declared disasters without penalty;
allowing an additional tax exemption for individuals who are displaced as a result of a federally-declared disaster;
allowing an exclusion from gross income of imputed income from the cancellation of indebtedness resulting from federally-declared disasters;
providing a special rule to allow individuals affected by a disaster in 2012, 2013, or 2014 to claim a full earned income tax credit;
increasing the rehabilitation tax credit for buildings affected by a federally-declared disaster;
permitting one additional advance refunding of a tax-exempt bond that is outstanding on the date on which a federally-declared disaster occurs;
allowing the issuance of qualified disaster area recovery bonds;
allowing an additional allocation of the low-income housing tax credit in 2014 to states affected by a federally-declared disaster occurring in 2012 or 2013;
allowing payments of disaster assistance to tax-exempt mutual ditch or irrigation companies without affecting their tax-exempt status;
allowing an exclusion from gross income for disaster mitigation payments received from state and local governments; and
allowing a tax deduction for payments to a tax-exempt natural disaster fund.