SENATE 3043118th CongressRead twice and referred to the Committee on Finance.
Natural Disaster Tax Relief Act of 2023
- Last Action
- 10/16/2023
Actions
- 2023-10-16Read twice and referred to the Committee on Finance.
- 2023-10-16Introduced in Senate
CRS Summary
As of 2023-10-16 (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)
- Brian Schatz (D-HI)
Sourced from Congress.gov (public domain).
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