US SB4621 | 2019-2020 | 116th Congress

US Congress Senate Bill 4621 (Prior Session Legislation)

Status

Spectrum: Partisan Bill (Democrat 6-0)
Status: Introduced on September 17 2020 - 25% progression, died in committee
Action: 2020-09-17 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

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.

Title

2020 Disasters Tax Relief Act

History

Date	Chamber	Action
2020-09-17	Senate	Read twice and referred to the Committee on Finance.

Same As/Similar To

SB4596 (Related) 2020-09-16 - Read twice and referred to the Committee on Finance.
HB1865 (Related) 2019-12-20 - Became Public Law No: 116-94. (TXT | PDF)
HB8440 (Related) 2020-09-29 - Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, 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.