Summary: H.R.8314 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.8314. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (09/18/2020)

Disaster Recovery for Economies, Local Individuals, Employers, and Families Act of 2020 or the Disaster RELIEF Act

This bill provides tax relief measures for individual and business taxpayers in qualified disaster areas during a specified period, other than areas for which a disaster has been declared solely by reason of COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill provides employers in a disaster area a tax credit designed to retain employees by allowing a credit for 40% of their employee wages, not exceeding $6,000 for each employee. It also allows an enhanced tax deduction for personal casualty losses incurred in a disaster area.