Bill
Bill > HR8314
US HR8314
US HR8314Disaster RELIEF Act Disaster Recovery for Economies, Local Individuals, Employers, and Families Act of 2020
summary
Introduced
09/18/2020
09/18/2020
In Committee
09/18/2020
09/18/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To provide with respect to recent disasters an employee retention credit for employers affected by such disasters and rules for disaster-related personal casualty losses. This bill provides tax relief measures for individual and business taxpayers in qualified disaster areas during a specified period, other than areas for which a disaster has been declared solely by reason of COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill provides employers in a disaster area a tax credit designed to retain employees by allowing a credit for 40% of their employee wages, not exceeding $6,000 for each employee. It also allows an enhanced tax deduction for personal casualty losses incurred in a disaster area.
AI Summary
This bill, the Disaster Recovery for Economies, Local Individuals, Employers, and Families Act of 2020 or the Disaster RELIEF Act, provides tax relief measures for individual and business taxpayers in qualified disaster areas, excluding areas declared a disaster solely due to COVID-19. It allows employers in a disaster area a tax credit equal to 40% of their employee wages, up to $6,000 per employee, to help retain workers. It also enhances the tax deduction for personal casualty losses incurred in a disaster area, increasing the standard deduction and removing the limitation on personal casualty losses.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 09/18/2020)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/8314/all-info |
| BillText | https://www.congress.gov/116/bills/hr8314/BILLS-116hr8314ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr8314/BILLS-116hr8314ih.pdf.pdf |
Loading...