Bill > HR140

This bill provides tax relief and financial support for individuals and businesses affected by Hurricanes Helene and Milton in 2024. The legislation offers several key provisions: First, it allows eligible individuals to calculate their earned income tax credit using their previous year's income if their current year's earnings were lower due to the hurricanes. Second, it increases the limitation on charitable contributions for hurricane disaster relief, allowing individuals and corporations to deduct more donations and carry over excess contributions for up to five years. Third, the bill provides special rules for retirement fund withdrawals, enabling eligible individuals to take distributions up to $100,000 without the typical early withdrawal penalties, with the option to repay these funds within three years and spread the tax liability over three years. Additionally, the bill allows for delayed loan repayments from qualified retirement plans and provides flexibility for recontributing previously withdrawn funds intended for home purchases in the disaster areas. These provisions are specifically designed to help individuals and businesses in the qualified hurricane disaster areas recover financially from the impact of Hurricanes Helene and Milton, with the incident period defined as September 28, 2024, to November 2, 2024.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/140/all-info