summary
Introduced
09/17/2020
09/17/2020
In Committee
09/17/2020
09/17/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to provide tax relief for persons affected by certain 2020 disasters. This bill sets forth tax relief provisions for individual and business taxpayers residing in a disaster zone during the period beginning on January 1, 2020, and ending 60 days after the enactment of this bill. Specifically, the bill allows penalty-free disaster-relief withdrawals from tax-exempt retirement plans up to $100,000, permits recontributions of such withdrawals for home purchases cancelled due to disasters, increases to $100,000 the limit on loans for disaster assistance from retirement plans, allows employers affected by a disaster a 40% tax credit for the purpose of retaining employees, enhances the tax deduction for disaster-related personal casualty losses, permits the calculation of the earned income tax credit based upon income earned prior to 2020, increases low-income housing tax credit allocations, reimburses U.S. possessions for losses sustained due to the application of the provisions of this bill.
AI Summary
This bill provides tax relief for persons affected by certain 2020 disasters. Specifically, it allows for penalty-free disaster-related withdrawals of up to $100,000 from retirement plans, permits recontributions of such withdrawals for home purchases canceled due to disasters, increases the limit on loans from retirement plans for disaster assistance, provides a 40% tax credit to employers affected by disasters to retain employees, enhances the deduction for disaster-related personal casualty losses, allows the calculation of the earned income tax credit based on income from prior to 2020, increases low-income housing tax credit allocations, and reimburses U.S. possessions for losses sustained due to the provisions of the bill.
Committee Categories
Budget and Finance
Sponsors (6)
Ron Wyden (D)*,
Maria Cantwell (D),
Dianne Feinstein (D),
Kamala Harris (D),
Jeff Merkley (D),
Patty Murray (D),
Last Action
Read twice and referred to the Committee on Finance. (on 09/17/2020)
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/4621/all-info |
| BillText | https://www.congress.gov/116/bills/s4621/BILLS-116s4621is.pdf |
| Bill | https://www.congress.gov/116/bills/s4621/BILLS-116s4621is.pdf.pdf |
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