H.R.8314 - Disaster RELIEF Act116th Congress (2019-2020)
|Sponsor:||Rep. Finkenauer, Abby [D-IA-1] (Introduced 09/18/2020)|
|Committees:||House - Ways and Means; Small Business|
|Latest Action:||House - 09/18/2020 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. (All Actions)|
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Summary: H.R.8314 — 116th Congress (2019-2020)All Information (Except Text)
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.