Hurricane Helene and Milton Tax Relief Act of 2024

house

senate

president

Legislation Details

Provides tax relief for individuals affected by Hurricanes Helene and Milton.
Defines “eligible individual” as someone whose primary residence is in a qualified hurricane disaster area and has suffered economic loss due to the hurricanes.
Establishes “qualified hurricane disaster area” based on presidential disaster declarations related to the hurricanes.
Allows eligible individuals to determine their earned income credit based on the preceding taxable year’s income if it is lower than the current year’s income.
Increases the limit on charitable contributions for disaster relief, allowing contributions made before April 15, 2025, to be treated as made in 2024.
Allows individuals to claim hurricane-related personal casualty losses with specific adjustments to the standard deduction.
Introduces special rules for retirement fund withdrawals, exempting qualified hurricane disaster distributions from certain penalties and allowing for larger distributions.
Permits individuals to repay qualified hurricane disaster distributions to eligible retirement plans within a specified timeframe.
Increases the loan limit from qualified employer plans for eligible individuals and delays repayment due dates for loans affected by the hurricanes.
Requires plan amendments related to these provisions to be adopted by a specified deadline while allowing retroactive application.

Provides tax relief for individuals affected by Hurricanes Helene and Milton.
Defines “eligible individual” as someone whose primary residence is in a qualified hurricane disaster area and has suffered economic loss due to the hurricanes.
Establishes “qualified hurricane disaster area” based on presidential disaster declarations related to the hurricanes.
Allows eligible individuals to determine their earned income credit based on the preceding taxable year’s income if it is lower than the current year’s income.
Increases the limit on charitable contributions for disaster relief, allowing contributions made before April 15, 2025, to be treated as made in 2024.
Allows individuals to claim hurricane-related personal casualty losses with specific adjustments to the standard deduction.
Introduces special rules for retirement fund withdrawals, exempting qualified hurricane disaster distributions from certain penalties and allowing for larger distributions.
Permits individuals to repay qualified hurricane disaster distributions to eligible retirement plans within a specified timeframe.
Increases the loan limit from qualified employer plans for eligible individuals and delays repayment due dates for loans affected by the hurricanes.
Requires plan amendments related to these provisions to be adopted by a specified deadline while allowing retroactive application.