legislation: 115-hr-6854

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
115-hr-6854 115 hr 6854 Hurricane Florence Tax Relief Act Taxation 2018-09-20 2018-09-20 Referred to the House Committee on Ways and Means. House Rep. Holding, George [R-NC-2] NC R H001065 11 Hurricane Florence Tax Relief Act This bill amends the Internal Revenue Code to allow various tax credits, deductions, and modifications to existing rules for individuals and businesses affected by Hurricane Florence. With respect to individuals and businesses in the affected areas, the bill: waives the 10% additional tax on early distributions from retirement plans for up to $100,000 in distributions made on or after September 13, 2018, and before January 1, 2020; permits individuals to recontribute funds to retirement plans if the funds were distributed for a home purchase in a Hurricane Florence disaster area that was cancelled on account of the hurricane; increases the limit and extends the repayment deadline for loans from retirement plans; allows an employee retention tax credit for a portion of the wages paid to an employee whose principal place of employment on specified dates was in a Hurricane Florence disaster zone; temporarily suspends the limitation on charitable contributions for relief efforts in the Hurricane Florence disaster area; modifies the rules for the deduction for personal casualty losses; and allows taxpayers to use earned income from the immediately preceding year for the purpose of determining earned income for the earned income tax credit and the child tax credit. 2023-01-11T13:41:31Z  

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