National Disaster Tax Relief Act of 2014

Summary

National Disaster Tax Relief Act of 2014 - Amends the Internal Revenue Code to provide tax relief for disasters declared in 2012, 2013, and 2014 by: extending through 2014 the election to expense qualified disaster expenses (i.e., for removal of debris, demolition, and repair of business-related property); increasing the tax deduction for charitable contributions for disaster relief for individual and corporate taxpayers; allowing through 2014 the deduction of losses attributable to disasters; allowing waivers of requirements relating to mortgage revenue bonds; extending through 2014 the additional allowance for depreciation of business property (bonus depreciation); allowing an increase through 2016 of the new markets tax credit limitation amount within a federally-declared disaster area; permitting the use of tax-exempt retirement plan funds in federally-declared disasters without penalty; allowing an additional tax exemption for individuals who are displaced as a result of a federally-declared disaster; allowing an exclusion from gross income of imputed income from the cancellation of indebtedness resulting from federally-declared disasters; providing a special rule to allow individuals affected by a disaster in 2012, 2013, or 2014 to claim a full earned income tax credit; increasing the rehabilitation tax credit for buildings affected by a federally-declared disaster; permitting one additional advance refunding of a tax-exempt bond that is outstanding on the date on which a federally-declared disaster occurs; allowing the issuance of qualified disaster area recovery bonds; allowing an additional allocation of the low-income housing tax credit in 2015 to states affected by a federally-declared disaster occurring in 2012 2013, or 2014;   allowing payments of disaster assistance to tax-exempt mutual ditch or irrigation companies without affecting their tax-exempt status; allowing an exclusion from gross income for disaster mitigation payments received from state and local governments; and allowing a tax deduction for payments to a tax-exempt natural disaster fund.

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Timeline

1. 22 July 2014

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 22 July 2014

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 22 July 2014 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 July 2014

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 July 2014

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 22 July 2014

  Open at official source

Sponsors

• Sen. Pryor, Mark L. [D-AR] · D · Sponsor
• Sen. Vitter, David [R-LA] · R · Sponsor
• Charles Schumer · D · Sponsor
• Sen. Menendez, Robert [D-NJ] · D · Sponsor
• Michael Bennet · D · Sponsor
• Sen. Landrieu, Mary L. [D-LA] · D · Sponsor
• Sen. Udall, Mark [D-CO] · D · Sponsor
• Kirsten Gillibrand · D · Sponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Rep. Cardin, Benjamin L. [D-MD-3] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → To amend the Internal Revenue Code of 1986 to provide tax relief for damages relating to federally declared disasters during September 2013, and for other purposes.
• related to → National Disaster Tax Relief Act of 2014
• related to → National Disaster Tax Relief Act of 2014