House Bill 3954
117th Congress(2021-2022)
Disaster Tax Relief Act of 2021
Introduced
Introduced in House on Jun 16, 2021
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3954
Congress
117
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No House votes have been held for this bill.
Summary
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.
June 16, 2021
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07/20/2021
Referred to the Subcommittee on General Farm Commodities and Risk Management.
06/16/2021
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.
06/16/2021
Introduced in House
Public Record
Record Updated
Dec 30, 2022 5:47:41 PM