Senate Bill 4596
116th Congress(2019-2020)
Disaster Tax Relief Act of 2020
Introduced
Introduced in Senate on Sep 16, 2020
Origin Chamber
Senate
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
4596
Congress
116
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 Senate votes have been held for this bill.
Summary
Disaster Tax Relief Act of 2020
This bill sets forth tax relief provisions for individual and business taxpayers residing in a disaster zone during the period beginning on July 1, 2020, and ending 60 days after the enactment of this bill.
Specifically, the bill
- allows penalty-free disaster-relief withdrawals from tax-exempt retirement plans up to $100,000,
- permits recontributions of such withdrawals for home purchases cancelled due to disasters,
- increases to $100,000 the limit on loans for disaster assistance from retirement plans,
- allows employers affected by a disaster a 40% tax credit for the purpose of retaining employees,
- increases the tax deduction for corporate disaster relief contributions,
- enhances the tax deduction for disaster-related personal casualty losses,
- permits the calculation of the earned income tax credit based upon income earned prior to 2020, and
- reimburses U.S. possessions for losses sustained due to the application of the provisions of this bill.
September 16, 2020
09/16/2020
Read twice and referred to the Committee on Finance.
09/16/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:44:46 PM