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Tax Relief and Financial Access for Victims of Hurricanes Helene and Milton

This Act introduces temporary tax and financial relief measures for individuals affected by Hurricanes Helene and Milton in designated disaster areas. Eligible individuals gain easier access to retirement funds, can deduct casualty losses more easily, and benefit from flexible rules regarding the Earned Income Credit. The goal is to provide swift financial and tax assistance for recovery efforts.
Key points
Allows withdrawal of up to $100,000 from retirement funds without the 10% early withdrawal penalty; these funds can be repaid within 3 years.
Affected individuals can deduct hurricane-related property losses by increasing their standard deduction (no need to itemize).
Increases the limit on cash charitable contributions for disaster relief, allowing deductions up to 100% of the contribution base.
Individuals whose income dropped due to the hurricane can calculate their Earned Income Credit (EIC) using their higher income from the preceding year.
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Additional Information
Print number: 118_HR_10203
Sponsor: Rep. Buchanan, Vern [R-FL-16]
Process start date: 2024-11-21
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Hurricane Helene and Milton Tax Relief Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10203.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-11-21.

What are the main provisions?

Key points include:

  • Allows withdrawal of up to $100,000 from retirement funds without the 10% early withdrawal penalty; these funds can be repaid within 3 years.
  • Affected individuals can deduct hurricane-related property losses by increasing their standard deduction (no need to itemize).
  • Increases the limit on cash charitable contributions for disaster relief, allowing deductions up to 100% of the contribution base.
  • Individuals whose income dropped due to the hurricane can calculate their Earned Income Credit (EIC) using their higher income from the preceding year.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Buchanan, Vern [R-FL-16].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

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