HR 5873 118th Congress House Taxation

Natural Disaster Tax Relief Act of 2023

Introduced: October 2, 2023 Introduced by: Tokuda, Jill N. Democratic · Hawaii See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Oct 2, 2023

Referred to the House Committee on Ways and Means.

Oct 2, 2023

Introduced in House

Plain-English summary Congressional Research Service

Natural Disaster Tax Relief Act of 2023

This bill sets forth tax relief provisions for individual taxpayers for losses resulting from a major disaster occurring in 2023.

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 or construction cancelled due to the disaster,
increases to $100,000 the limit on loans for disaster assistance from retirement plans, and
enhances the tax deduction for disaster-related personal casualty losses.

What's happening now October 2, 2023

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1

Cosponsors 1