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2023 Disaster Tax Relief: Retirement Funds & Personal Casualty Losses

This act introduces special tax rules for individuals affected by major disasters in 2023. It eases access to retirement funds without penalties and allows for larger deductions for personal losses, aiming to aid recovery from damages.
Key points
Allows withdrawals of up to $100,000 from retirement accounts without early withdrawal penalties, with tax spread over 3 years or the option to repay.
Increases the limit for retirement plan loans to $100,000 or 100% of the account value, with a one-year repayment delay option.
Provides enhanced tax deductions for personal casualty losses due to qualified disasters, including an increase in the standard deduction.
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Additional Information
Print number: 118_HR_5873
Sponsor: Rep. Tokuda, Jill N. [D-HI-2]
Process start date: 2023-10-02
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Natural Disaster Tax Relief Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5873.

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 2023-10-02.

What are the main provisions?

Key points include:

  • Allows withdrawals of up to $100,000 from retirement accounts without early withdrawal penalties, with tax spread over 3 years or the option to repay.
  • Increases the limit for retirement plan loans to $100,000 or 100% of the account value, with a one-year repayment delay option.
  • Provides enhanced tax deductions for personal casualty losses due to qualified disasters, including an increase in the standard deduction.
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. Tokuda, Jill N. [D-HI-2].

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 2025-12-25.

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