US HB7166 | 2017-2018 | 115th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on November 20 2018 - 25% progression
Action: 2018-11-20 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Hurricane Michael 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 Michael. 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 October 9, 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 Michael 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 Michael disaster zone; temporarily suspends the limitation on charitable contributions for relief efforts in the Hurricane Michael 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.

Tracking Information

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Title

Hurricane Michael Tax Relief Act

Sponsors


History

DateChamberAction
2018-11-20HouseReferred to the House Committee on Ways and Means.
2018-11-20HouseIntroduced in House

Same As/Similar To

HB6854 (Related) 2018-09-20 - Referred to the House Committee on Ways and Means.
SB3648 (Related) 2018-11-15 - Read twice and referred to the Committee on Finance.

Subjects


US Congress State Sources


Bill Comments

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