summary
Introduced
02/11/2019
02/11/2019
In Committee
02/11/2019
02/11/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
2018 Natural Disasters Tax Relief Act This bill permits penalty-free distributions from tax-exempt retirement plans for disaster-related purposes. It also allows an employer whose business was closed during a natural disaster an employee retention credit for 40% of the first $6,000 in wages paid to an eligible employee. The bill allows a temporary suspension of limitations on charitable contributions made for relief efforts in one or more qualified disaster areas and sets forth special rules for personal casualty losses and for determining the earned income tax credit for individuals residing in qualified disaster areas or zones. The bill provides for a mandatory 60-day extension of certain tax deadlines for individuals and business owners in a disaster area.
AI Summary
This bill provides several tax relief measures for individuals and businesses affected by natural disasters in 2018. Key provisions include:
- Allowing penalty-free distributions from tax-exempt retirement plans for disaster-related purposes, up to $100,000 per individual. Distributions can be repaid over 3 years.
- Providing an employee retention credit for employers whose businesses were closed due to a qualified disaster, equal to 40% of up to $6,000 in wages paid to eligible employees.
- Temporarily suspending limitations on charitable contributions made for disaster relief efforts.
- Modifying rules for claiming deductions for personal casualty losses and determining the earned income tax credit for individuals in disaster areas.
- Extending certain tax deadlines by 60 days for individuals and businesses in disaster areas.
- Providing payments to U.S. territories to offset the cost of these tax relief measures.
The bill aims to provide financial assistance to those impacted by various natural disasters that occurred across the United States in 2018.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Referred to the House Committee on Ways and Means. (on 02/11/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/1148/all-info |
| BillText | https://www.congress.gov/116/bills/hr1148/BILLS-116hr1148ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr1148/BILLS-116hr1148ih.pdf.pdf |
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