S 3043
118th Congress
Senate
Taxation
Natural Disaster Tax Relief Act of 2023
Introduced: October 16, 2023
Introduced by:
Hirono, Mazie K.
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 16, 2023
Read twice and referred to the Committee on Finance.
Oct 16, 2023
Introduced in Senate
Plain-English summary
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
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1