Hurricane Florence Tax Relief Act

Summary

Hurricane Florence Tax Relief Act This bill amends the Internal Revenue Code to allow various tax credits, deductions, and modifications to existing rules for individuals and businesses affected by Hurricane Florence. With respect to individuals and businesses in the affected areas, the bill: waives the 10% additional tax on early distributions from retirement plans for up to $100,000 in distributions made on or after September 13, 2018, and before January 1, 2020; permits individuals to recontribute funds to retirement plans if the funds were distributed for a home purchase in a Hurricane Florence disaster area that was cancelled on account of the hurricane; increases the limit and extends the repayment deadline for loans from retirement plans; allows an employee retention tax credit for a portion of the wages paid to an employee whose principal place of employment on specified dates was in a Hurricane Florence disaster zone; temporarily suspends the limitation on charitable contributions for relief efforts in the Hurricane Florence disaster area; modifies the rules for the deduction for personal casualty losses; and allows taxpayers to use earned income from the immediately preceding year for the purpose of determining earned income for the earned income tax credit and the child tax credit.

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Timeline

1. 20 September 2018

   Introduced

   Introduced in House

   Source: IntroReferral

2. 20 September 2018

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 20 September 2018

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 20 September 2018 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 20 September 2018

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 20 September 2018

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 20 September 2018

  Open at official source

Sponsors

• George Holding · R · Sponsor
• David Rouzer · R · Sponsor
• Tom Rice · R · Sponsor
• Mark Meadows · R · Cosponsor
• Ted Budd · R · Cosponsor
• Virginia Foxx · R · Cosponsor
• WALTER JONES · R · Cosponsor
• Richard Hudson · R · Cosponsor
• Mark Walker · R · Cosponsor
• DAVID PRICE · D · Cosponsor
• Robert Pittenger · R · Cosponsor
• G. K. Butterfield · D · Cosponsor
• · hswm00 · Standing

Related records

• related to → Bipartisan Budget Act of 2018
• related to → Disaster Tax Relief and Airport and Airway Extension Act of 2017
• related to → California Wildfire Disaster Tax Relief Act of 2017
• related to → Making further supplemental appropriations for the fiscal year ending September 30, 2018, for disaster assistance for Hurricanes Harvey, Irma, and Maria, and calendar year 2017 wildfires, and for other purposes.
• related to → A bill to provide tax relief related to Hurricanes Harvey, Irma, and Maria.
• related to → Shiloh National Military Park Boundary Adjustment and Parker's Crossroads Battlefield Designation Act
• related to → Hurricane Florence Tax Relief Act
• related to ← Hurricanes Florence and Michael and California Wildfire Tax Relief Act
• related to ← Hurricane Michael Tax Relief Act