releases: https://sablan.house.gov/disaster-tax-relief-passes-house
Data license: MIT · Data source: dwillis/congress-press
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| url | title | date | year | month | party | chamber | state | member_name | bioguide_id | domain | scraper | source | date_source | text | has_text | collected_at | updated_at |
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| https://sablan.house.gov/disaster-tax-relief-passes-house | Disaster tax relief passes House | 2018-12-23 | 2018 | 2018-12 | Democrat | House | MP | Gregorio Sablan | S001177 | sablan.house.gov | legacy | Disaster tax relief passes House Dec 23, 2018 The House passed a year-end tax package with tax relief for the Marianas and other communities hit by natural disasters this year. Under the bill, qualified disaster relief distributions will be exempt from the 10-percent penalty levied on retirement money withdrawn before age 59 and a half. The bill also allows homebuyers to re-contribute retirement plan withdrawals for home purchases that were cancelled due to eligible disasters, and provides flexibility for loans from retirement plans for qualified hurricane relief. To help disaster-affected employers retain employees, the bill provides a tax credit for 40 percent of wages (up to $6,000 per employee). There is also a temporary suspension of limitations on charitable contributions associated with qualified disaster relief made before December 31, 2018. And families that lost income in 2018 may use their 2017 income to determine their Child Tax Credit for this year. Any loss of revenue for the Commonwealth resulting from these tax changes will be covered by the U.S. Treasury. The bill must still pass the Senate and be signed by the President to be effective. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |