Bill 119 HR 517, also known as the "Disaster Tax Relief and Airport and Airway Extension Act of 2021," aims to amend the Internal Revenue Code of 1986 in order to make changes to the rules for postponing certain deadlines in the event of a disaster.
The bill specifically addresses the procedures for taxpayers and businesses who are affected by a disaster, such as a natural disaster or a pandemic, and need additional time to meet their tax obligations. It allows for the postponement of certain tax-related deadlines, such as filing tax returns or making tax payments, in order to provide relief to those impacted by the disaster.
Additionally, the bill includes provisions related to airport and airway funding, extending certain authorities and funding levels for the Federal Aviation Administration (FAA) and the Transportation Security Administration (TSA) through September 30, 2021.
Overall, Bill 119 HR 517 seeks to provide necessary relief and support to individuals and businesses facing challenges due to disasters, while also ensuring the continued operation and funding of key aviation agencies.