HR-8440 : Still Just a Bill

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.

Action Timeline

Action DateTypeTextSource
2020-09-29IntroReferralReferred 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.House floor actions
2020-09-29IntroReferralReferred 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.House floor actions
2020-09-29IntroReferralIntroduced in HouseLibrary of Congress

Sponsor :

Mike Thompson [D] (CA-5)
See Cosponsors

Policy Area :

Taxation
Related Subjects
  • Business expenses
  • Disaster relief and insurance
  • Employee benefits and pensions
  • Housing finance and home ownership
  • Income tax credits
  • Income tax deductions
  • Income tax exclusion
  • Tax administration and collection, taxpayers
  • U.S. territories and protectorates
  • Wages and earnings
Related Geographic Entities
Related Organizations

Related Bills

See Related Bills