summary
Introduced
06/16/2021
06/16/2021
In Committee
07/20/2021
07/20/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to provide disaster tax relief, exclude from gross income amounts received from State-based catastrophe loss mitigation programs, and for other purposes.
AI Summary
This bill, the Disaster Tax Relief Act of 2021, aims to provide various forms of tax relief to individuals and businesses affected by qualified disasters that occurred between December 28, 2020 and 60 days after the enactment of the bill. Key provisions include allowing for tax-favored withdrawals from retirement plans, increasing the limit on loans from qualified retirement plans, providing an employee retention credit for eligible employers, expanding the deductibility of qualified disaster-related personal casualty losses, excluding from gross income certain payments received from state-based catastrophe loss mitigation programs and emergency agricultural assistance, and creating a new tax credit for qualified wildfire mitigation expenditures.
Committee Categories
Agriculture and Natural Resources, Budget and Finance
Sponsors (1)
Last Action
Referred to the Subcommittee on General Farm Commodities and Risk Management. (on 07/20/2021)
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/117th-congress/house-bill/3954/all-info |
| BillText | https://www.congress.gov/117/bills/hr3954/BILLS-117hr3954ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr3954/BILLS-117hr3954ih.pdf.pdf |
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