Bill Sponsor
House Bill 3679
115th Congress(2017-2018)
National Disaster Tax Relief Act of 2017
Introduced
Introduced
Introduced in House on Sep 5, 2017
Overview
Text
Sponsor
Introduced
Sep 5, 2017
Latest Action
Sep 5, 2017
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
3679
Congress
115
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.
Sponsorship by Party
Republican
New York
Democrat
Connecticut
Democrat
New Jersey
Republican
New Jersey
Republican
New Jersey
Democrat
New Jersey
Republican
Pennsylvania
Democrat
Wisconsin
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

National Disaster Tax Relief Act of 2017

This bill amends the Internal Revenue Code to provide tax relief for federally-declared disasters in 2012, 2013, 2014, and 2015. For individuals and businesses located in or investing in the affected areas, the bill allows:

  • expensing of certain disaster expenses,
  • increased deductions for charitable contributions for disaster relief,
  • modifications to rules regarding the deduction of losses attributable to disasters,
  • waivers of certain mortgage revenue bond requirements,
  • an extension of the additional depreciation allowance for business property (bonus depreciation),
  • an increased new markets tax credit limitation,
  • penalty-free distributions from retirement plans,
  • an additional tax exemption for individuals who are displaced,
  • an exclusion from gross income for certain cancellations of indebtedness,
  • a modified rule for determining the earned income of individuals for the earned income tax credit and the child tax credit,
  • an increased rehabilitation tax credit for buildings,
  • additional advance refundings of certain tax-exempt bonds,
  • disaster area recovery bonds,
  • additional low-income housing tax credit allocations,
  • payments of disaster assistance to tax-exempt mutual ditch or irrigation companies without affecting their tax-exempt status,
  • an exclusion from gross income for disaster mitigation payments received from state and local governments,
  • a deduction for payments to a tax-exempt natural disaster fund,
  • a five-year replacement period for property for purposes of the exclusion of gain from an involuntary conversion,
  • a tax credit for a portion of the wages paid to employees, and
  • an enhanced deduction for medical expenses.
Text (1)
September 5, 2017
Actions (2)
09/05/2017
Referred to the House Committee on Ways and Means.
09/05/2017
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:38:46 PM