Hurricane Tax Relief Act

Hozzl · 2023-12-15T15:55:28Z

Explore the details of House Bill 1494 Hurricane Tax Relief Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 3:55 PM

Summary of Bill HR 1494

The Hurricane Tax Relief Act, also known as Bill 118 hr 1494, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to provide tax relief to individuals and businesses that have been affected by hurricanes.

The main provisions of the Hurricane Tax Relief Act include:

1. Allowing individuals and businesses in designated disaster areas to claim a tax credit for expenses related to hurricane recovery efforts, such as repairs to property and replacement of lost belongings. 2. Providing tax deductions for individuals and businesses that have suffered losses due to hurricanes, including damage to property and loss of income. 3. Extending tax filing deadlines for individuals and businesses in hurricane-affected areas, giving them more time to file their tax returns and pay any taxes owed. 4. Allowing individuals and businesses to access their retirement savings without penalty in order to cover hurricane-related expenses. Overall, the Hurricane Tax Relief Act aims to provide financial assistance to those who have been impacted by hurricanes, helping them recover and rebuild in the aftermath of these natural disasters.

Congressional Summary of HR 1494

Hurricane Tax Relief Act

This bill modifies tax rules relating to personal casualty losses for taxpayers affected by Hurricanes Ian, Nicole, and Fiona. It eliminates the requirements that such taxpayers must itemize their tax deductions as a condition of eligibility for relief and that their losses exceed 10% of their adjusted gross income. The bill applies these modified requirements to residents of Puerto Rico affected by the Hurricanes.

Read the Full Bill

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Current Status of Bill HR 1494

Bill HR 1494 is currently in the status of Bill Introduced since March 9, 2023. Bill HR 1494 was introduced during Congress 118 and was introduced to the House on March 9, 2023. Bill HR 1494's most recent activity was Referred to the House Committee on Ways and Means. as of March 9, 2023

Bipartisan Support of Bill HR 1494

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 1494

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 1494

Hurricane Tax Relief Act

To amend the Internal Revenue Code of 1986 to provide special rules for casualty losses incurred by reason of Hurricane Ian, Hurricane Nicole, and Hurricane Fiona.