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Main Subject: Taxation

This bill allows penalty-free distributions from tax-exempt retirement plans for a federally declared disaster (i.e., a qualified disaster recovery distribution). The bill defines qualified disaster recovery distribution as any distribution within a 180 day period after a disaster declaration that is made to an individual whose principal residence is located in a qualified disaster area (an area for which a major disaster has been declared) and who has sustained an economic loss due to the disaster.

The bill sets forth rules for the recontribution of withdrawals from a plan for first-time home purchases or for purchases or construction of a principal residence in a disaster area, and increases the limit on loans from a qualified employer plan that an individual may take in lieu of a distribution.

HR6241-117, S4808-117,

Senate Actions

IntroReferral
Aug. 03 2021	Read twice and referred to the Committee on Finance.

Library of Congress Actions

IntroReferral
Aug. 03 2021	Introduced in Senate

Senate bill S2583-117

A bill to amend the Internal Revenue Code of 1986 to provide for rules for the use of retirement funds in connection with federally declared disasters.

Senate bill S2583-117

A bill to amend the Internal Revenue Code of 1986 to provide for rules for the use of retirement funds in connection with federally declared disasters.

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