The House Ways and Means Committee this afternoon released a bill that would provide tax relief to those impacted by the recent hurricanes. It is expected the bill will receive consideration in the House and Senate in the very near future.
Enactment of the “Disaster Tax Relief and Airport and Airway Extension Act of 2017” would provide the following targeted actions to help American families and communities impacted by Hurricanes Harvey, Irma, and Maria: Deduction for Personal Casualty Losses:
Penalty-Free Access to Retirement Funds:
Encouraging Charitable Giving:
Disaster-Related Employment Relief:
Special Rule for Determining 2017 Earned Income Tax Credit and Child Tax Credit:
The legislation also includes temporary extensions of health programs within Ways and Means jurisdiction. This includes extending the Intravenous Immunoglobulin (IVIG) demonstration policy for three years to ensure this program can continue to operate and provide care to patients with severe immunodeficiency diseases. The IVIG demonstration would otherwise stop providing services to patients after September 30, 2017.
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