House - 11/15/2017 Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, 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. (All Actions)
Tracker:
This bill has the status Introduced
Here are the steps for Status of Legislation:
Introduced
Array
(
[actionDate] => 2017-11-15
[displayText] => Introduced in House
[externalActionCode] => 1000
[description] => Introduced
[chamberOfAction] => House
)
California Wildfire Disaster Tax Relief Act of 2017
Official Titles
Official Titles - House of Representatives
Official Title as Introduced
To provide tax relief with respect to California wildfires.
Actions Overview (1)
Date
Actions Overview
11/15/2017
Introduced in House
11/15/2017 Introduced in House
All Actions (3)
Date
All Actions
11/15/2017
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, 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. Action By: House of Representatives
11/15/2017
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, 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. Action By: House of Representatives
11/15/2017
Introduced in House Action By: House of Representatives
11/15/2017 Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, 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.
11/15/2017 Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, 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.
Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.
Making further supplemental appropriations for the fiscal year ending September 30, 2018, for disaster assistance for Hurricanes Harvey, Irma, and Maria, and calendar year 2017 wildfires, and for other purposes.
Related bill
CRS
01/04/2018 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 291.
California Wildfire Disaster Tax Relief Act of 2017
This bill amends the Internal Revenue Code to allow various tax credits, deductions, and modifications to existing rules for individuals and businesses affected by wildfires in California.
With respect to individuals and businesses in the affected areas, the bill:
waives the 10% additional tax on early distributions from retirement plans for up to $100,000 in distributions made on or after October 8, 2017, and before January 1, 2019;
permits individuals to recontribute funds to retirement plans if the funds were distributed for a home purchase in a wildfire disaster area that was cancelled on account of the wildfires;
increases the limit and extends the repayment deadline for loans from retirement plans;
allows an employee retention tax credit for a portion of the wages paid to an employee whose principal place of employment on specified dates was in a wildfire disaster zone;
temporarily suspends the limitation on charitable contributions for relief efforts in the wildfire disaster areas;
modifies the rules for the deduction for personal casualty losses, and
allows taxpayers to use earned income from the immediately preceding year for the purpose of determining earned income for the earned income tax credit and the child tax credit.
The bill is designated as an emergency requirement, which exempts the budgetary effects of the bill from certain budget enforcement rules, such as Pay-As-You-Go (PAYGO) rules.
All Summaries (1)
Shown Here: Introduced in House (11/15/2017)
California Wildfire Disaster Tax Relief Act of 2017
This bill amends the Internal Revenue Code to allow various tax credits, deductions, and modifications to existing rules for individuals and businesses affected by wildfires in California.
With respect to individuals and businesses in the affected areas, the bill:
waives the 10% additional tax on early distributions from retirement plans for up to $100,000 in distributions made on or after October 8, 2017, and before January 1, 2019;
permits individuals to recontribute funds to retirement plans if the funds were distributed for a home purchase in a wildfire disaster area that was cancelled on account of the wildfires;
increases the limit and extends the repayment deadline for loans from retirement plans;
allows an employee retention tax credit for a portion of the wages paid to an employee whose principal place of employment on specified dates was in a wildfire disaster zone;
temporarily suspends the limitation on charitable contributions for relief efforts in the wildfire disaster areas;
modifies the rules for the deduction for personal casualty losses, and
allows taxpayers to use earned income from the immediately preceding year for the purpose of determining earned income for the earned income tax credit and the child tax credit.
The bill is designated as an emergency requirement, which exempts the budgetary effects of the bill from certain budget enforcement rules, such as Pay-As-You-Go (PAYGO) rules.