H.R. 8440 — Disaster Tax Relief Act of 2020

Summary

Disaster Tax Relief Act of 2020

This bill sets forth tax relief provisions for taxpayers residing in a disaster zone. Specifically, the bill

allows penalty-free qualified disaster distributions from tax-exempt retirement plans up to $100,000,
allows recontributions of distributions for home purchases cancelled due to disasters,
increases to $100,000 the limit on loans from retirement plans not treated as distributions,
allows an employee retention tax credit for 40% of wages paid by employers affected by a disaster,
expands eligibility for disaster-related personal casualty losses,
permits the calculation of the earned income tax credit based upon income earned prior to 2020, and
suspends the limitation on corporate charitable contributions.

S. 4596Disaster Tax Relief Act of 2020
2020-09-16Read twice and referred to the Committee on Finance.
Related
H.R. 6762COVID-19 Earned Income Act
2020-05-08Referred to the House Committee on Ways and Means.
Related
H.R. 8314Disaster RELIEF Act
2020-09-18Referred 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.
Related
S. 3542COVID-19 Earned Income Act
2020-03-19Read twice and referred to the Committee on Finance.
Related
S. 46212020 Disasters Tax Relief Act
2020-09-17Read twice and referred to the Committee on Finance.
Related

2020-09-29
Introduced in House
2020-09-29
Introduced in House
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.
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.