HOUSE 3954117th CongressReferred to the Subcommittee on General Farm Commodities and Risk Management.
Disaster Tax Relief Act of 2021
- Last Action
- 7/20/2021
Actions
- 2021-07-20Referred to the Subcommittee on General Farm Commodities and Risk Management.
- 2021-06-16Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-06-16Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-06-16Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-06-16Introduced in House
- 2021-06-16Introduced in House
CRS Summary
As of 2021-06-16 (00)
Disaster Tax Relief Act of 2021
This bill sets forth tax relief provisions for taxpayers residing in a disaster zone. Specifically, the bill
- allows penalty-free qualified disaster distributions from tax-exempt retirement plans up to $100,000;
- allows recontributions of distributions for home purchases cancelled due to disasters;
- increases to $100,000 the limit on loans from retirement plans not treated as distributions;
- allows an employee retention tax credit for 40% of wages paid by employers affected by a disaster;
- expands eligibility for disaster-related personal casualty losses;
- allows exclusions from gross income, for income tax purposes, of amounts received from state-based catastrophe loss mitigation programs and emergency agricultural assistance;
- suspends the limitation on corporate charitable contributions;
- allows the Small Business Administration to award grants to accomodate extraordinary occurrences having a catastrophic impact on small business concerns; and
- allows a new tax credit for 30% of qualified wildfire mitigation expenditures.
Subjects
- Agricultural prices, subsidies, credit
- Business expenses
- Charitable contributions
- Disaster relief and insurance
- Employee benefits and pensions
- Energy storage, supplies, demand
- Fires
- Forests, forestry, trees
- Government lending and loan guarantees
- Homelessness and emergency shelter
- Housing finance and home ownership
- Income tax credits
- Income tax deductions
- Income tax exclusion
- Motor fuels
- Natural disasters
- Residential rehabilitation and home repair
- Small Business Administration
- Small business
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.