2020 Disasters Tax Relief Act

Summary

2020 Disasters Tax Relief Act This bill sets forth tax relief provisions for individual and business taxpayers residing in a disaster zone during the period beginning on January 1, 2020, and ending 60 days after the enactment of this bill. 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 cancelled due to disasters, increases to $100,000 the limit on loans for disaster assistance from retirement plans, allows employers affected by a disaster a 40% tax credit for the purpose of retaining employees, enhances the tax deduction for disaster-related personal casualty losses, permits the calculation of the earned income tax credit based upon income earned prior to 2020, increases low-income housing tax credit allocations, reimburses U.S. possessions for losses sustained due to the application of the provisions of this bill.

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Timeline

1. 17 September 2020

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 17 September 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 17 September 2020 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 September 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 September 2020

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 17 September 2020

  Open at official source

Sponsors

• Ron Wyden · D · Sponsor
• Jeff Merkley · D · Sponsor
• Sen. Feinstein, Dianne [D-CA] · D · Sponsor
• Patty Murray · D · Sponsor
• Sen. Harris, Kamala D. [D-CA] · D · Sponsor
• Maria Cantwell · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Disaster Tax Relief Act of 2020
• related to → Further Consolidated Appropriations Act, 2020
• related to ← Disaster Tax Relief Act of 2020