HR 8440
116th Congress
House
Taxation
Business expenses
Disaster relief and insurance
Employee benefits and pensions
Housing finance and home ownership
Income tax credits
Income tax deductions
Income tax exclusion
Tax administration and collection, taxpayers
U.S. territories and protectorates
Wages and earnings
Disaster Tax Relief Act of 2020
Introduced: September 29, 2020
Introduced by:
Thompson, Mike
Democratic
· California
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 29, 2020
Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sep 29, 2020
Introduced in House
Plain-English summary
Disaster Tax Relief Act of 2020
This bill sets forth tax relief provisions for taxpayers residing in a disaster zone. Specifically, the bill
- allows penalty-free qualified disaster distributions from tax-exempt retirement plans up to $100,000,
- allows recontributions of distributions for home purchases cancelled due to disasters,
- increases to $100,000 the limit on loans from retirement plans not treated as distributions,
- allows an employee retention tax credit for 40% of wages paid by employers affected by a disaster,
- expands eligibility for disaster-related personal casualty losses,
- permits the calculation of the earned income tax credit based upon income earned prior to 2020, and
- suspends the limitation on corporate charitable contributions.
What's happening now
Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Committees of jurisdiction
2