Bill
Bill > S2544
summary
Introduced
09/25/2019
09/25/2019
In Committee
09/25/2019
09/25/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to provide tax relief for the victims of Hurricane Florence, Hurricane Michael, and certain California wildfires. This bill provides for tax relief for individuals in areas affected by Hurricanes Florence and Michael and the California wildfires. Specifically, it allows tax-free distributions from tax-preferred pension plans for disaster-related expenses, increases the limit on allowable loans from pension plans, allows employers in disaster areas a tax credit to assist in retaining employees affected by disasters, suspends the limitation on the tax deduction for charitable contributions for disaster relief, allows nonitemizing taxpayers to claim personal casualty losses, and allows the use of earned income for the preceding year for claiming the earning income and child tax credits.
AI Summary
This bill provides tax relief for the victims of Hurricane Florence, Hurricane Michael, and certain California wildfires. Specifically, it allows tax-free distributions from retirement plans for disaster-related expenses, increases the limit on loans from pension plans, provides an employee retention credit for employers affected by the disasters, suspends limitations on charitable contribution deductions for disaster relief, allows non-itemizing taxpayers to claim personal casualty losses, and allows the use of earned income from the prior year for claiming certain tax credits.
Committee Categories
Budget and Finance
Sponsors (7)
Richard Burr (R)*,
Dianne Feinstein (D),
Lindsey Graham (R),
Kamala Harris (D),
Johnny Isakson (R),
Marco Rubio (R),
Thom Tillis (R),
Last Action
Read twice and referred to the Committee on Finance. (on 09/25/2019)
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/2544/all-info |
| BillText | https://www.congress.gov/116/bills/s2544/BILLS-116s2544is.pdf |
| Bill | https://www.congress.gov/116/bills/s2544/BILLS-116s2544is.pdf.pdf |
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