House Bill 8440
116th Congress(2019-2020)
Disaster Tax Relief Act of 2020
Introduced
Introduced in House on Sep 29, 2020
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
8440
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 House votes have been held for this bill.
Summary
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.
September 29, 2020
09/29/2020
Referred 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.
09/29/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:44:52 PM