S 4596
116th Congress
Senate
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
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 16, 2020
Read twice and referred to the Committee on Finance.
Sep 16, 2020
Introduced in Senate
Plain-English summary
Disaster Tax Relief Act of 2020
This bill sets forth tax relief provisions for individual and business taxpayers residing in a disaster zone during the period beginning on July 1, 2020, and ending 60 days after the enactment of this bill.
Specifically, the bill
- allows penalty-free disaster-relief withdrawals from tax-exempt retirement plans up to $100,000,
- permits recontributions of such withdrawals for home purchases cancelled due to disasters,
- increases to $100,000 the limit on loans for disaster assistance from retirement plans,
- allows employers affected by a disaster a 40% tax credit for the purpose of retaining employees,
- increases the tax deduction for corporate disaster relief contributions,
- enhances the tax deduction for disaster-related personal casualty losses,
- permits the calculation of the earned income tax credit based upon income earned prior to 2020, and
- reimburses U.S. possessions for losses sustained due to the application of the provisions of this bill.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1