Summary: H.R.8440 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.8440. Bill summaries are authored by CRS.

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Introduced in House (09/29/2020)

Disaster Tax Relief Act of 2020

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,
  • permits the calculation of the earned income tax credit based upon income earned prior to 2020, and
  • suspends the limitation on corporate charitable contributions.