Disaster Tax Relief Act of 2021

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 16 June 2021

   Introduced

   Referred 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.

   Source: IntroReferral

2. 16 June 2021

   Introduced

   Introduced in House

   Source: IntroReferral

3. 16 June 2021

   Introduced

   Introduced in House

   Source: IntroReferral

4. 20 July 2021

   Referred

   Referred to the Subcommittee on General Farm Commodities and Risk Management.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 16 June 2021 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 16 June 2021

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 16 June 2021

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 16 June 2021

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Thompson, Mike [D-CA-4] · D · Sponsor
• · hsag00 · Standing
• · hssm00 · Standing
• · hswm00 · Standing

Related records

• related to ← Disaster Mitigation and Tax Parity Act of 2021
• related to ← Disaster Mitigation and Tax Parity Act of 2021