Natural Disaster Tax Relief Act of 2023

House Bill 5873 - Natural Disaster Tax Relief Act of 2023: Overview, Status, and Impact

Hozzl · 2023-12-15T16:02:48Z

Explore the details of House Bill 5873 Natural Disaster Tax Relief Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

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.

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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