summary
Introduced
04/10/2019
04/10/2019
In Committee
04/10/2019
04/10/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to provide disaster tax relief for certain disasters occurring in 2019. This bill allows various tax credits, tax deductions, and modifications to existing rules for individuals and businesses affected by federally declared disasters that occurred after December 31, 2018, and before April 15, 2019. With respect to individuals and businesses in the affected areas, the bill waives the 10% additional tax on certain early distributions from retirement plans, permits individuals to recontribute funds to retirement plans if the funds were distributed for a home purchase that was cancelled on account of a disaster, increases the limit and extends the repayment deadline for loans from retirement plans, allows an employee retention tax credit for employers affected by disasters, temporarily increases the limitation on tax deductions for charitable contributions for relief efforts in disaster areas, modifies the rules for the deduction for personal casualty losses, and allows taxpayers residing in disaster areas to use earned income from the immediately preceding year for the purpose of determining earned income for the earned income tax credit and the child tax credit.
AI Summary
This bill provides disaster tax relief for certain disasters occurring in 2019. It allows various tax credits, deductions, and modifications to existing rules for individuals and businesses affected by federally declared disasters that occurred after December 31, 2018 and before April 15, 2019. Key provisions include waiving the 10% additional tax on early retirement plan distributions, allowing recontribution of funds for canceled home purchases, increasing limits and delaying repayments for retirement plan loans, providing an employee retention tax credit for affected employers, temporarily increasing the charitable contribution deduction limit, modifying rules for the personal casualty loss deduction, and allowing affected taxpayers to use prior year earned income for the earned income tax credit and child tax credit.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Read twice and referred to the Committee on Finance. (on 04/10/2019)
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/senate-bill/1133/all-info |
| BillText | https://www.congress.gov/116/bills/s1133/BILLS-116s1133is.pdf |
| Bill | https://www.congress.gov/116/bills/s1133/BILLS-116s1133is.pdf.pdf |
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