Summary of Bill S 3678
Bill 118 s 3678, also known as the Federal Disaster Tax Relief Act of 2024, is a piece of legislation introduced in the US Congress aimed at providing tax relief to individuals and businesses affected by natural disasters. The bill seeks to help those who have suffered losses due to hurricanes, wildfires, floods, and other catastrophic events by offering various tax incentives and benefits.
Some key provisions of the bill include:
1. Tax deductions for disaster-related expenses: The bill allows individuals and businesses to deduct expenses related to repairing or rebuilding property damaged in a federally declared disaster from their federal income taxes.
2. Tax credits for disaster recovery: The legislation provides tax credits to businesses that invest in disaster recovery efforts, such as rebuilding infrastructure or providing assistance to affected communities.
3. Extension of tax filing deadlines: The bill extends the deadline for filing tax returns for individuals and businesses located in disaster-affected areas, giving them more time to gather necessary documentation and file their taxes.
4. Waiver of penalties and interest: The legislation waives penalties and interest for late tax payments for individuals and businesses in disaster-affected areas, providing relief to those who may have difficulty meeting their tax obligations due to the disaster.
Overall, the Federal Disaster Tax Relief Act of 2024 aims to provide much-needed assistance to individuals and businesses facing financial hardships in the aftermath of natural disasters. By offering tax relief and incentives, the bill seeks to help communities recover and rebuild in the wake of devastating events.