National Disaster Tax Relief Act of 2014
Latest action · Apr 9, 2014 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 9, 2014
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
National Disaster Tax Relief Act of 2014 - Amends the Internal Revenue Code to provide tax relief for disasters declared in 2012 and 2013 by:
- extending through 2013 the election to expense qualified disaster expenses (i.e., for removal of debris, demolition, and repair of business-related property);
- increasing the tax deduction for charitable contributions for disaster relief for individual and corporate taxpayers;
- allowing through 2013 the deduction of losses attributable to disasters;
- allowing waivers of requirements relating to mortgage revenue bonds;
- extending through 2013 the additional allowance for depreciation of business property (bonus depreciation);
- allowing an increase in 2012 and 2013 of the new markets tax credit limitation amount within a federally-declared disaster area;
- permitting the use of tax-exempt retirement plan funds in federally-declared disasters without penalty;
- allowing an additional tax exemption for individuals who are displaced as a result of a federally-declared disaster;
- allowing an exclusion from gross income of imputed income from the cancellation of indebtedness resulting from federally-declared disasters;
- providing a special rule to allow individuals affected by a disaster in 2012 or 2103 to claim a full earned income tax credit;
- increasing the rehabilitation tax credit for buildings affected by a federally-declared disaster;
- permitting one additional advance refunding of a tax-exempt bond that is outstanding on the date on which a federally-declared disaster occurs;
- allowing the issuance of qualified disaster area recovery bonds;
- allowing an additional allocation of the low-income housing tax credit in 2014 to states affected by a federally-declared disaster occurring in 2012 or 2013;
- allowing payments of disaster assistance to tax-exempt mutual ditch or irrigation companies without affecting their tax-exempt status;
- allowing an exclusion from gross income for disaster mitigation payments received from state and local governments; and
- allowing a tax deduction for payments to a tax-exempt natural disaster fund.
Cosponsors 7
Members who signed on, in the order they did. All signed on Apr 9, 2014.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Cory A. Booker | Original | Apr 9, 2014 |
| D-WV | John D. Rockefeller IV | Original | Apr 9, 2014 |
| D-NY | Kirsten E. Gillibrand | Original | Apr 9, 2014 |
| D-CO | Mark Udall | Original | Apr 9, 2014 |
| D-LA | Mary L. Landrieu | Original | Apr 9, 2014 |
| D-CO | Michael F. Bennet | Original | Apr 9, 2014 |
| D-NJ | Robert Menendez | Original | Apr 9, 2014 |
Actions 2
Everything that happened, newest first.
- Apr 9, 2014Introduced in Senate
- Apr 9, 2014Read twice and referred to the Committee on Finance.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2634 | National Disaster Tax Relief Act of 2014 | Related bill | Jul 22, 2014 |
| HR 4497 | To amend the Internal Revenue Code of 1986 to provide tax relief for damages relating to federally declared disasters during September 2013, and for other purposes. | Related bill | Apr 28, 2014 |
| HR 5082 | National Disaster Tax Relief Act of 2014 | Related bill | Jul 11, 2014 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Business investment and capital
- Charitable contributions
- Credit and credit markets
- Disaster relief and insurance
- Employee benefits and pensions
- Financial services and investments
- Homelessness and emergency shelter
- Housing finance and home ownership
- Income tax credits
- Income tax deductions
- Income tax exclusion
- Life, casualty, property insurance
- Low- and moderate-income housing
- Natural disasters
- Poverty and welfare assistance
- Residential rehabilitation and home repair
- Securities
- Social work, volunteer service, charitable organizations
- State and local government operations
- Tax administration and collection, taxpayers
- Tax treatment of families
- Tax-exempt organizations
- Taxation
- Wages and earnings
- Water use and supply
Text 1
Each version as it was printed, newest first.
- Apr 9, 2014Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.