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H.R. 5873 — Natural Disaster Tax Relief Act of 2023 | PoliFocus

H.R. 5873118th Congress

Natural Disaster Tax Relief Act of 2023

To provide special rules for retirement accounts and personal casualty losses with respect to certain major disasters occurring in 2023.

Sponsors

Rep. Tokuda, Jill N. [D-HI-2]

1 cosponsor

Subjects

Taxation

Summary

Natural Disaster Tax Relief Act of 2023

This bill sets forth tax relief provisions for individual taxpayers for losses resulting from a major disaster occurring in 2023.

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 or construction cancelled due to the disaster,
increases to $100,000 the limit on loans for disaster assistance from retirement plans, and
enhances the tax deduction for disaster-related personal casualty losses.

Full Text

Related Legislation

S. 3043Natural Disaster Tax Relief Act of 2023
2023-10-16Read twice and referred to the Committee on Finance.
Related

Legislative Actions

2023-10-02
Introduced in House
2023-10-02
Introduced in House
2023-10-02
Referred to the House Committee on Ways and Means.

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