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US HR3287

TREAD Act Tax Relief and Expedited Assistance for Disasters Act of 2019


summary

Introduced
06/13/2019
In Committee
06/13/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

TREAD Act TREAD Act Tax Relief and Expedited Assistance for Disasters Act of 2019 Tax Relief and Expedited Assistance for Disasters Act of 2019 This bill provides tax relief for qualified disaster areas (i.e., an area, excluding a California wildfire disaster area, for which a major disaster was declared on or after January 1, 2018). Specifically, the bill provides for distributions and loans from retirement plans for disaster assistance, a tax credit for wages paid by employers in a qualified disaster area, a temporary suspension of limitations on the deductibility of charitable contributions, and an automatic extension of filing deadlines for taxpayers affected by disasters.

AI Summary

This bill, the Tax Relief and Expedited Assistance for Disasters Act of 2019 or the TREAD Act, provides tax relief for areas affected by major disasters declared on or after January 1, 2018, excluding the California wildfire disaster area. The key provisions include allowing distributions and loans from retirement plans for disaster assistance, a tax credit for wages paid by employers in a qualified disaster area, a temporary suspension of limitations on the deductibility of charitable contributions, and an automatic 60-day extension of filing deadlines for affected taxpayers.

Committee Categories

Budget and Finance

Sponsors (22)

Last Action

Referred to the House Committee on Ways and Means. (on 06/13/2019)

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