Bill 119 s 132, also known as the Disaster Tax Relief Act of 2021, is a proposed amendment to the Internal Revenue Code of 1986. The purpose of this bill is to make changes to the rules regarding the postponement of certain tax deadlines in the event of a disaster.
Specifically, the bill aims to provide relief to taxpayers who are affected by natural disasters or other emergencies by allowing them more time to meet their tax obligations. This includes extending deadlines for filing tax returns, making tax payments, and other related requirements.
The Disaster Tax Relief Act of 2021 seeks to streamline and improve the process for taxpayers seeking relief in the aftermath of a disaster. It also includes provisions to ensure that taxpayers are not penalized for late filings or payments due to circumstances beyond their control.
Overall, this bill is designed to provide much-needed assistance to individuals and businesses who are facing financial challenges as a result of a disaster. It aims to make the tax system more flexible and responsive to the needs of taxpayers during difficult times.