Bill > S3648

This bill provides tax relief for the victims of Hurricane Florence, Hurricane Michael, and certain California wildfires. The key provisions of the bill include: - Allowing qualified disaster distributions from retirement plans without the 10% early withdrawal penalty, with the ability to repay those distributions over a 3-year period. - Allowing recontributions of certain hardship-related distributions for home purchases that were not completed due to the disasters. - Increasing the loan limit from qualified retirement plans for qualified individuals affected by the disasters, and delaying repayment of such loans. - Providing an employee retention tax credit for eligible employers affected by the disasters, equal to 40% of qualified wages (up to $6,000 per employee). - Treating the disaster zones as "opportunity zones" under the tax code, with some modifications to the requirements. - Suspending the limitations on charitable contributions for qualified contributions related to the disaster relief efforts. - Providing special rules for determining net disaster losses and earned income for purposes of certain tax credits.

Budget and Finance

https://www.congress.gov/bill/115th-congress/senate-bill/3648/all-info