National Disaster Tax Relief Act of 2017

Summary

National Disaster Tax Relief Act of 2017 This bill amends the Internal Revenue Code to modify various tax deductions, credits, and requirements that affect disaster areas and U.S. possessions. With respect to areas in which a federally declared disaster occurred from 2012 through 2022, the bill allows: expensing of certain disaster expenses, modifications to rules regarding the deduction of losses attributable to disasters, additional new markets tax credits, an exclusion from gross income for certain cancellations of indebtedness, additional advance refundings of certain tax-exempt bonds, and additional low-income housing tax credit allocations. The bill permanently: (1) excludes from gross income disaster mitigation payments received from state and local governments, and (2) allows taxpayers to create tax-exempt catastrophe savings accounts to pay expenses related to a major disaster. With respect to U.S. possessions, the bill: repeals the limitation on the amount of distilled spirits excise taxes covered over (paid) to the treasuries of the Virgin Islands and Puerto Rico, makes permanent the tax deduction for income attributable to domestic production activities in Puerto Rico, modifies the rules for claiming the refundable portion of the child tax credit, and requires the Department of the Treasury to make payments to certain U.S. possessions to either compensate for revenue lost due to specified provisions in the bill or allow residents to benefit from the provisions.

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Timeline

1. 3 October 2017

   Introduced

   Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S6289-6290)

   Source: IntroReferral

2. 3 October 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 3 October 2017 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 3 October 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 3 October 2017

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 3 October 2017

  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

• Sen. Nelson, Bill [D-FL] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → To amend the Internal Revenue Code of 1986 to make permanent the deduction for income attributable to domestic production activities in Puerto Rico.
• related to → To amend the Internal Revenue Code of 1986 to repeal the limitation on the cover over of distilled spirits taxes to Puerto Rico and Virgin Islands.