Disaster Tax Relief Act of 2020
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Sep 29, 2020)
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 just happenedSep 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.
Who’s behind it
- Introduced in HouseSep 29, 2020
- Sep 29, 2020IntroReferralH11100
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.
Small Business Committee - Sep 29, 2020IntroReferralH11100
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.
Ways and Means Committee - Sep 29, 2020IntroReferralIntro-H
Introduced in House
- Sep 29, 2020IntroReferral1000
Introduced in House