Bill > HR8440

Introduced Session

Disaster Tax Relief Act of 2020 This bill sets forth tax relief provisions for taxpayers residing in a disaster zone. Specifically, the bill allows penalty-free qualified disaster distributions from tax-exempt retirement plans up to $100,000, allows recontributions of distributions for home purchases cancelled due to disasters, increases to $100,000 the limit on loans from retirement plans not treated as distributions, allows an employee retention tax credit for 40% of wages paid by employers affected by a disaster, expands eligibility for disaster-related personal casualty losses, permits the calculation of the earned income tax credit based upon income earned prior to 2020, and suspends the limitation on corporate charitable contributions.

AI Summary

Committee Categories

Mike Thompson (D)*,  Earl Blumenauer (D),  Abby Finkenauer (D), 

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 09/29/2020)

Official Document