HR 3679 115th 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 Health care costs and insurance 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 State and local government operations

National Disaster Tax Relief Act of 2017

Introduced: September 5, 2017 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 5, 2017

Referred to the House Committee on Ways and Means.

Sep 5, 2017

Introduced in House

Plain-English summary Congressional Research Service

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.