Tax Fairness for Disaster Victims Act

Hozzl · 2023-12-15T15:56:55Z

Explore the details of House Bill 2619 Tax Fairness for Disaster Victims 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, 3:56 PM

Summary of Bill HR 2619

Bill 118 hr 2619, also known as the Tax Fairness for Disaster Victims Act, is a piece of legislation introduced in the US Congress. The purpose of this bill is to provide tax relief for individuals and businesses who have been affected by natural disasters.

The bill aims to help disaster victims by allowing them to deduct casualty losses from their federal income taxes. This deduction would apply to losses incurred as a result of a federally declared disaster, such as a hurricane, wildfire, or earthquake. Additionally, the bill would waive certain penalties for individuals who withdraw funds from retirement accounts to cover disaster-related expenses.

Furthermore, the Tax Fairness for Disaster Victims Act seeks to simplify the process for claiming disaster-related tax deductions. It would allow taxpayers to claim these deductions on their tax returns without having to itemize their deductions, making it easier for individuals and businesses to receive the tax relief they need. Overall, the goal of Bill 118 hr 2619 is to provide much-needed financial assistance to individuals and businesses who have been impacted by natural disasters. By offering tax relief and simplifying the deduction process, this legislation aims to help disaster victims recover and rebuild in the aftermath of a catastrophic event.

Congressional Summary of HR 2619

Tax Fairness for Disaster Victims Act

This bill allows individual taxpayers living in a disaster area to use earned income from a preceding taxable year for purposes of calculating the earned income tax credit. The bill applies if current year income is disrupted by a disaster and is less than the income of the preceding taxable year.

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Current Status of Bill HR 2619

Bill HR 2619 is currently in the status of Bill Introduced since April 13, 2023. Bill HR 2619 was introduced during Congress 118 and was introduced to the House on April 13, 2023. Bill HR 2619's most recent activity was Referred to the House Committee on Ways and Means. as of April 13, 2023

Bipartisan Support of Bill HR 2619

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

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Policy Area and Potential Impact of Bill HR 2619

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 2619

Tax Fairness for Disaster Victims Act

To amend the Internal Revenue Code of 1986 to provide a lookback rule in the case of certain federally declared disasters for amounts related to earned income for purposes of determining certain tax credits.

Tax Fairness for Disaster Victims Act