2018 Natural Disasters Tax Relief Act
- Last Action
- 2/11/2019
Actions
- 2019-02-11Referred to the House Committee on Ways and Means.
- 2019-02-11Introduced in House
- 2019-02-11Introduced in House
CRS Summary
As of 2019-02-11 (00)
2018 Natural Disasters Tax Relief Act
This bill permits penalty-free distributions from tax-exempt retirement plans for disaster-related purposes. It also allows an employer whose business was closed during a natural disaster an employee retention credit for 40% of the first $6,000 in wages paid to an eligible employee.
The bill allows a temporary suspension of limitations on charitable contributions made for relief efforts in one or more qualified disaster areas and sets forth special rules for personal casualty losses and for determining the earned income tax credit for individuals residing in qualified disaster areas or zones.
The bill provides for a mandatory 60-day extension of certain tax deadlines for individuals and business owners in a disaster area.
Cosponsors (3)
- Neal Dunn (R-FL)
- Gregorio Sablan (D-MP)
- Matt Gaetz (R-FL)
Subjects
- Alabama
- American Samoa
- California
- Charitable contributions
- Disaster relief and insurance
- Employee benefits and pensions
- Fires
- Floods and storm protection
- Government employee pay, benefits, personnel management
- Guam
- Hawaii
- Income tax credits
- Income tax deductions
- Income tax deferral
- Income tax exclusion
- Indiana
- Natural disasters
- North Carolina
- Northern Mariana Islands
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.