Disaster Tax Relief Act of 2021
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jun 16, 2021)
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 just happenedJul 20, 2021
Referred to the Subcommittee on General Farm Commodities and Risk Management.
Who’s behind it
- Introduced in HouseJun 16, 2021
- Jul 20, 2021Committee
Referred to the Subcommittee on General Farm Commodities and Risk Management.
General Farm Commodities, Risk Management, and Credit Subcommittee - Jun 16, 2021IntroReferralH11100
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.
Agriculture Committee - Jun 16, 2021IntroReferralH11100
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.
Small Business Committee - Jun 16, 2021IntroReferralH11100
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.
Ways and Means Committee - Jun 16, 2021IntroReferralIntro-H
Introduced in House
- Jun 16, 2021IntroReferral1000
Introduced in House