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Iowa Storm Relief Tax Act: Retirement Access and Charitable Deduction Boost.

This Act provides immediate tax relief for residents in specific Iowa counties affected by 2024 storms. It allows affected individuals to withdraw up to $100,000 from retirement plans without the early withdrawal penalty, spreading the income tax liability over three years. Additionally, it increases limits on retirement plan loans and temporarily removes deduction caps for cash donations aimed at disaster relief.
Key points
Allows withdrawal of up to $100,000 from retirement accounts (like 401k, IRA) without the 10% early withdrawal penalty for disaster-related needs.
Withdrawn funds can be repaid to the retirement plan within 3 years to avoid taxation, or the tax liability can be spread over 3 years.
Increases the maximum retirement plan loan limit to $100,000 and delays repayment deadlines for existing loans by one year.
Temporarily removes tax deduction limits for cash charitable contributions made specifically for Iowa disaster relief efforts.
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Expired
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Additional Information
Print number: 118_HR_9081
Sponsor: Rep. Feenstra, Randy [R-IA-4]
Process start date: 2024-07-22
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Storm Recovery and Community Restoration Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_9081.

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 2024-07-22.

What are the main provisions?

Key points include:

  • Allows withdrawal of up to $100,000 from retirement accounts (like 401k, IRA) without the 10% early withdrawal penalty for disaster-related needs.
  • Withdrawn funds can be repaid to the retirement plan within 3 years to avoid taxation, or the tax liability can be spread over 3 years.
  • Increases the maximum retirement plan loan limit to $100,000 and delays repayment deadlines for existing loans by one year.
  • Temporarily removes tax deduction limits for cash charitable contributions made specifically for Iowa disaster relief efforts.
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. Feenstra, Randy [R-IA-4].

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.

CATEGORIES

Taxes