HOUSE 5873118th CongressReferred to the House Committee on Ways and Means.
Natural Disaster Tax Relief Act of 2023
- Last Action
- 10/2/2023
Actions
- 2023-10-02Referred to the House Committee on Ways and Means.
- 2023-10-02Introduced in House
- 2023-10-02Introduced in House
CRS Summary
As of 2023-10-02 (00)
Natural Disaster Tax Relief Act of 2023
This bill sets forth tax relief provisions for individual taxpayers for losses resulting from a major disaster occurring in 2023.
Specifically, the bill
- allows penalty-free disaster-relief withdrawals from tax-exempt retirement plans up to $100,000,
- permits recontributions of such withdrawals for home purchases or construction cancelled due to the disaster,
- increases to $100,000 the limit on loans for disaster assistance from retirement plans, and
- enhances the tax deduction for disaster-related personal casualty losses.
Cosponsors (1)
- Ed Case (D-HI)
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.