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Natural Disaster Tax Relief Act of 2023
12/15/2023, 4:02 PM
Congressional Summary of HR 5873
Natural Disaster Tax Relief Act of 2023
This bill sets forth tax relief provisions for individual taxpayers for losses resulting from a major disaster occurring in 2023.
Specifically, the bill
- allows penalty-free disaster-relief withdrawals from tax-exempt retirement plans up to $100,000,
- permits recontributions of such withdrawals for home purchases or construction cancelled due to the disaster,
- increases to $100,000 the limit on loans for disaster assistance from retirement plans, and
- enhances the tax deduction for disaster-related personal casualty losses.
Read the Full Bill
Current Status of Bill HR 5873
Bill HR 5873 is currently in the status of Bill Introduced since October 2, 2023. Bill HR 5873 was introduced during Congress 118 and was introduced to the House on October 2, 2023. Bill HR 5873's most recent activity was Referred to the House Committee on Ways and Means. as of October 2, 2023
Bipartisan Support of Bill HR 5873
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
1Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 5873
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 5873
Natural Disaster Tax Relief Act of 2023
Natural Disaster Tax Relief Act of 2023
To provide special rules for retirement accounts and personal casualty losses with respect to certain major disasters occurring in 2023.
Comments
Sponsors and Cosponsors of HR 5873
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