HR 3954
Disaster Tax Relief Act of 2021
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Disaster Tax Relief Act of 2021 provides tax relief to individuals and businesses affected by disasters. Key provisions include allowing penalty-free withdrawals from retirement plans for disaster-related expenses up to $100,000, enabling repayments of disaster-related retirement plan distributions, increasing loan limits from retirement plans, offering an employee retention tax credit, expanding casualty loss deductions, excluding state-based catastrophe loss mitigation program funds from income, and suspending corporate charitable contribution limitations. It also includes provisions for wildfire mitigation and small business grants.
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