PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Sep 17, 2020
2020 Disasters Tax Relief Act
This bill sets forth tax relief provisions for individual and business taxpayers residing in a disaster zone during the period beginning on January 1, 2020, and ending 60 days after the enactment of this bill. Specifically, the bill
allows penalty-free disaster-relief withdrawals from tax-exempt retirement plans up to $100,000,
permits recontributions of such withdrawals for home purchases cancelled due to disasters,
increases to $100,000 the limit on loans for disaster assistance from retirement plans,
allows employers affected by a disaster a 40% tax credit for the purpose of retaining employees,
enhances the tax deduction for disaster-related personal casualty losses,
permits the calculation of the earned income tax credit based upon income earned prior to 2020,
increases low-income housing tax credit allocations,
reimburses U.S. possessions for losses sustained due to the application of the provisions of this bill.
People & committees
Sen. Wyden, Ron [D-OR] · D–OR
Legislative record
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Read twice and referred to the Committee on Finance.
Introduced in Senate
Primary sources
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Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.
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