CONGRESS: 117, HR-3954 - USQuery

HR-3954 : Still Just a Bill

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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.

Action Timeline

Action Date	Type	Text	Source
2021-07-20	Committee	Referred to the Subcommittee on General Farm Commodities and Risk Management.	House committee actions
2021-06-16	IntroReferral	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.	House floor actions
2021-06-16	IntroReferral	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.	House floor actions
2021-06-16	IntroReferral	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.	House floor actions
2021-06-16	IntroReferral	Introduced in House	Library of Congress

Sponsor :

Rep. Thompson, Mike [D-CA-5]

See Cosponsors

Policy Area :

Taxation

See Subjects

Agricultural prices, subsidies, credit
Business expenses
Charitable contributions
Disaster relief and insurance
Employee benefits and pensions
Energy storage, supplies, demand
Fires
Forests, forestry, trees
Government lending and loan guarantees
Homelessness and emergency shelter
Housing finance and home ownership
Income tax credits
Income tax deductions
Income tax exclusion
Motor fuels
Natural disasters
Residential rehabilitation and home repair
Small Business Administration
Small business
Solid waste and recycling
State and local government operations
Tax administration and collection, taxpayers
U.S. territories and protectorates
Wages and earnings

Related Bills

See Related Bills