Bill > HR10203

This bill, the Hurricane Helene and Milton Tax Relief Act of 2024, provides various tax relief measures for individuals and businesses affected by Hurricanes Helene and Milton. The key provisions include: 1. Allowing eligible individuals to use their prior year's earned income to calculate the Earned Income Tax Credit, even if their current year's income is lower due to the hurricanes. 2. Increasing the limitation on charitable contributions for "qualified hurricane disaster contributions" and allowing certain contributions made before April 15, 2025, to be treated as made in 2024. 3. Providing tax relief for personal casualty losses related to the hurricanes, including increasing the standard deduction. 4. Allowing tax-favored withdrawals from retirement plans for "qualified hurricane disaster distributions" and permitting recontributions of certain home purchase withdrawals. 5. Increasing the loan limits from qualified employer plans and delaying repayment deadlines for eligible individuals with outstanding loans. The bill is intended to provide financial assistance and tax relief to those impacted by the two hurricanes in the specified disaster areas.