S 4621
2020 Disasters Tax Relief Act
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Bill overview
The 2020 Disasters Tax Relief Act provides tax relief to individuals and businesses affected by 2020 disasters. It allows penalty-free withdrawals from retirement plans up to $100,000, permits repayment of those withdrawals for disaster-related home purchases, increases the loan limit from retirement plans to $100,000, offers a 40% tax credit to employers retaining employees, and expands the deduction for disaster-related personal casualty losses. Additionally, it modifies the calculation of the earned income tax credit and increases allocations for the low-income housing tax credit, while also providing specific relief to U.S. territories.
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Primary sponsor
Cosponsors
Dianne Feinstein
Kamala D. Harris
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