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Main Subject: Taxation

Disaster Tax Relief Act of 2021

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;
allows exclusions from gross income, for income tax purposes, of amounts received from state-based catastrophe loss mitigation programs and emergency agricultural assistance;
suspends the limitation on corporate charitable contributions;
allows the Small Business Administration to award grants to accomodate extraordinary occurrences having a catastrophic impact on small business concerns; and
allows a new tax credit for 30% of qualified wildfire mitigation expenditures.

HR4675-117, S2432-117,

Categories

Agricultural prices, subsidies, credit Business expenses Charitable contributions Disaster relief and insurance Employee benefits and pensions Energy storage, supplies, demand Fires Forests, forestry, trees Government lending and loan guarantees Homelessness and emergency shelter Housing finance and home ownership Income tax credits Income tax deductions Income tax exclusion Motor fuels Natural disasters Residential rehabilitation and home repair Small Business Administration Small business Agricultural prices credit Energy storage supplies demand Forests forestry trees Taxation

House committee actions Actions

Committee
Jul. 20 2021	Referred to the Subcommittee on General Farm Commodities and Risk Management.

House floor actions Actions

IntroReferral

Jun. 16
2021

Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Agriculture, 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.
Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Agriculture, 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.
Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Agriculture, 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.

Library of Congress Actions

IntroReferral
Jun. 16 2021	Introduced in House Introduced in House

House bill HR3954-117

Disaster Tax Relief Act of 2021

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