Filing Relief for Natural Disasters Act

Hozzl · 2023-12-15T15:58:58Z

Explore the details of House Bill 3861 Filing Relief for Natural Disasters 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, 3:58 PM

Summary of Bill HR 3861

Bill 118 hr 3861, also known as the Filing Relief for Natural Disasters Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to provide relief to individuals and businesses who have been affected by natural disasters, such as hurricanes, wildfires, and earthquakes.

The main provisions of the bill include extending the deadline for filing tax returns and making tax payments for individuals and businesses located in areas that have been declared disaster areas by the President. This extension would give those affected by natural disasters more time to gather their financial documents and file their taxes without facing penalties.

Additionally, the bill would allow individuals and businesses to claim a deduction for casualty losses incurred as a result of a natural disaster, even if they do not itemize their deductions. This would provide much-needed financial relief to those who have suffered property damage or loss due to a natural disaster. Overall, the Filing Relief for Natural Disasters Act aims to provide practical assistance to individuals and businesses who have been impacted by natural disasters, helping them navigate the financial challenges that often arise in the aftermath of such events.

Congressional Summary of HR 3861

Filing Relief for Natural Disasters Act

This bill authorizes the Internal Revenue Service to postpone federal tax filing deadlines upon the written request of a governor of a state in which an emergency or disaster has been declared. The bill also extends current mandatory extensions from 60 to 120 days.

For purposes of this bill, a state includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands.

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Current Status of Bill HR 3861

Bill HR 3861 is currently in the status of Bill Introduced since June 6, 2023. Bill HR 3861 was introduced during Congress 118 and was introduced to the House on June 6, 2023. Bill HR 3861's most recent activity was Referred to the House Committee on Ways and Means. as of June 6, 2023