HB5873: Natural Disaster Tax Relief Act of 2023
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
To provide special rules for retirement accounts and personal casualty losses with respect to certain major disasters occurring in 2023.
Plain-language summary
This bill would create special tax breaks for people affected by major disasters in 2023. It would allow people to withdraw money from retirement accounts early without the usual penalties. It would also change how people report losses from destroyed homes or property. The bill was introduced in Congress and is currently awaiting review.
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HB5873: Natural Disaster Tax Relief Act of 2023