H.R. 3954 — Disaster Tax Relief Act of 2021

Summary

Disaster Tax Relief Act of 2021

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;
allows exclusions from gross income, for income tax purposes, of amounts received from state-based catastrophe loss mitigation programs and emergency agricultural assistance;
suspends the limitation on corporate charitable contributions;
allows the Small Business Administration to award grants to accomodate extraordinary occurrences having a catastrophic impact on small business concerns; and
allows a new tax credit for 30% of qualified wildfire mitigation expenditures.

H.R. 4675Disaster Mitigation and Tax Parity Act of 2021
2021-07-22Referred to the House Committee on Ways and Means.
Related
S. 2432Disaster Mitigation and Tax Parity Act of 2021
2022-09-08Committee on Banking, Housing, and Urban Affairs. Hearings held.
Related

2021-06-16
Introduced in House
2021-06-16
Introduced in House
2021-06-16
Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Agriculture, 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.
2021-06-16
Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Agriculture, 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.
2021-06-16
Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Agriculture, 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.
2021-07-20
Referred to the Subcommittee on General Farm Commodities and Risk Management.