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HR 3954 117th Congress House Taxation Agricultural prices, subsidies, credit Business expenses Charitable contributions Disaster relief and insurance Employee benefits and pensions Energy storage, supplies, demand Fires Forests, forestry, trees Government lending and loan guarantees Homelessness and emergency shelter Housing finance and home ownership Income tax credits Income tax deductions Income tax exclusion Motor fuels Natural disasters Residential rehabilitation and home repair Small Business Administration Small business

Disaster Tax Relief Act of 2021

Introduced: June 16, 2021 Introduced by: Thompson, Mike Democratic · California See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 20, 2021
Referred to the Subcommittee on General Farm Commodities and Risk Management.
Jun 16, 2021
Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Agriculture, 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.
Jun 16, 2021
Introduced in House
 Plain-English summary Congressional Research Service

Disaster Tax Relief Act of 2021

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;
  • allows exclusions from gross income, for income tax purposes, of amounts received from state-based catastrophe loss mitigation programs and emergency agricultural assistance;
  • suspends the limitation on corporate charitable contributions;
  • allows the Small Business Administration to award grants to accomodate extraordinary occurrences having a catastrophic impact on small business concerns; and
  • allows a new tax credit for 30% of qualified wildfire mitigation expenditures.
What's happening now July 20, 2021

Referred to the Subcommittee on General Farm Commodities and Risk Management.

 Committees of jurisdiction 4