{ "id": "R45864", "type": "CRS Report", "typeId": "R", "number": "R45864", "active": true, "source": "CRSReports.Congress.gov, EveryCRSReport.com", "versions": [ { "summary": null, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=R45864", "source_dir": "crsreports.congress.gov", "type": "CRS Report", "formats": [ { "sha1": "490da9c888b861f4d118acad5a37032b67315699", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/R/R45864/4", "filename": "files/2021-09-03_R45864_490da9c888b861f4d118acad5a37032b67315699.pdf" }, { "format": "HTML", "filename": "files/2021-09-03_R45864_490da9c888b861f4d118acad5a37032b67315699.html" } ], "title": "Tax Policy and Disaster Recovery", "source": "CRSReports.Congress.gov", "retrieved": "2021-10-22T04:04:08.743179", "date": "2021-09-03", "typeId": "R", "id": "R45864_4_2021-09-03", "active": true }, { "source": "EveryCRSReport.com", "id": 616586, "date": "2020-02-11", "retrieved": "2020-02-11T23:20:54.027531", "title": "Tax Policy and Disaster Recovery", "summary": "The Internal Revenue Code (IRC) contains a number of provisions intended to provide disaster relief. Following certain disasters, Congress has passed legislation with temporary and targeted tax relief policies. At other times, Congress has passed legislation providing tax relief to those affected by all federally declared major disasters (disasters with Stafford Act declarations) occurring during a set time period. In addition, several disaster tax relief provisions are permanent features of the IRC. \nThis report discusses the following permanent provisions: \ndisaster casualty loss deductions; \ndeferral of gain from involuntary conversions of property destroyed by a disaster;\ndisaster relief for owners of low-income housing tax credit properties;\nincome exclusion for disaster relief payments to individuals;\nincome exclusion for certain insurance living expense payments; and \nIRS administrative relief in the form of extended deadlines and waiving of certain penalties.\nCongress began enacting tax legislation generally intended to assist victims of specific disasters in 2002 in the wake of the September 11, 2001, terrorist attacks. Laws targeting specific disasters contained provisions that were temporary in nature. Three acts, however\u2014the Heartland Disaster Tax Relief Act of 2008 (P.L. 110-343), the 2017 tax act (P.L. 115-97), and the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (P.L. 116-94)\u2014provided more general, but still temporary, relief for any federally declared disaster occurring during designated time periods. The acts providing temporary relief include the following:\nThe Job Creation and Worker Assistance Act of 2002 (P.L. 107-147), which provided tax benefits for areas of New York City damaged by the terrorist attacks of September 11, 2001;\nThe Katrina Emergency Tax Relief Act of 2005 (KETRA; P.L. 109-73), which provided tax relief to assist the victims of Hurricane Katrina in 2005;\nThe Gulf Opportunity Zone (GO Zone) Act of 2005 (P.L. 109-135), which provided tax relief to those affected by Hurricanes Katrina, Rita, and Wilma in 2005; \nThe Food, Conservation, and Energy Act of 2008 (2008 Farm Bill; P.L. 110-234), which provided tax relief intended to assist those affected by severe storms and tornadoes in Kansas in 2007; \nThe Heartland Disaster Tax Relief Act of 2008 (P.L. 110-343), which provided tax relief to assist recovery from both the severe weather that affected the Midwest during summer 2008 and Hurricane Ike (this act also included general disaster tax relief provisions that applied to federally declared disasters occurring before January 1, 2010);\nThe Disaster Tax Relief and Airport and Airway Extension Act of 2017 (P.L. 115-63), which provided tax relief to those affected by Hurricanes Harvey, Irma, and Maria in 2017;\nThe 2017 tax act (P.L. 115-97, commonly referred to using the title of the bill as passed in the House, the \u201cTax Cuts and Jobs Act\u201d) responded to major disasters occurring in 2016; \nThe Bipartisan Budget Act of 2018 (BBA18; P.L. 115-123), which provided relief to those affected by the 2017 California wildfires; and \nThe Taxpayer Certainty and Disaster Tax Relief Act of 2019 (Division Q of the Further Consolidated Appropriations Act, 2020; P.L. 116-94), which provided relief for major disasters generally occurring in 2018 and 2019.\nThis report provides a basic overview of existing, permanent disaster tax provisions, as well as past, targeted legislative responses to specific disasters. The report also includes a discussion of economic and policy considerations related to providing disaster tax relief to individuals and businesses, and encouraging charitable giving to support disaster relief.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R45864", "sha1": "ddc1f408597fcb0f72b05c04120893991d1291ca", "filename": "files/20200211_R45864_ddc1f408597fcb0f72b05c04120893991d1291ca.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R45864", "sha1": "b3043adec4ea7ddd96aee0c25b35da88f42b30fe", "filename": "files/20200211_R45864_b3043adec4ea7ddd96aee0c25b35da88f42b30fe.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4799, "name": "Individual Tax" }, { "source": "IBCList", "id": 4804, "name": "Business & Corporate Taxation" }, { "source": "IBCList", "id": 4937, "name": "Nonprofits & Tax-Exempt Organizations" } ] }, { "source": "EveryCRSReport.com", "id": 603464, "date": "2019-08-09", "retrieved": "2019-08-12T22:05:32.251693", "title": "Tax Policy and Disaster Recovery", "summary": "The Internal Revenue Code (IRC) contains a number of provisions intended to provide disaster relief. Following certain disasters, Congress has passed legislation with temporary and targeted tax relief policies. At other times, Congress has passed legislation providing tax relief to those affected by all federally declared major disasters (disasters with Stafford Act declarations) occurring during a set time period. In addition, several disaster tax relief provisions are permanent features of the IRC. \nThis report discusses the following permanent provisions: \ndisaster casualty loss deductions; \ndeferral of gain from involuntary conversions of property destroyed by a disaster;\ndisaster relief for owners of low-income housing tax credit properties;\nincome exclusion for disaster relief payments to individuals;\nincome exclusion for certain insurance living expense payments; and \nIRS administrative relief in the form of extended deadlines and waiving of certain penalties.\nCongress began enacting tax legislation generally intended to assist victims of specific disasters in 2002 in the wake of the September 11, 2001, terrorist attacks. Laws targeting specific disasters contained provisions that were temporary in nature. Two acts, however\u2014the Heartland Disaster Tax Relief Act of 2008 (P.L. 110-343) and the 2017 tax act (P.L. 115-97)\u2014provided more general, but still temporary, relief for any federally declared disaster occurring during designated time periods. The acts providing temporary relief include the following:\nThe Job Creation and Worker Assistance Act of 2002 (P.L. 107-147), which provided tax benefits for areas of New York City damaged by the terrorist attacks of September 11, 2001;\nThe Katrina Emergency Tax Relief Act of 2005 (KETRA; P.L. 109-73), which provided tax relief to assist the victims of Hurricane Katrina in 2005;\nThe Gulf Opportunity Zone (GO Zone) Act of 2005 (P.L. 109-135), which provided tax relief to those affected by Hurricanes Katrina, Rita, and Wilma in 2005; \nThe Food, Conservation, and Energy Act of 2008 (2008 Farm Bill; P.L. 110-234), which provided tax relief intended to assist those affected by severe storms and tornadoes in Kansas in 2007; \nThe Heartland Disaster Tax Relief Act of 2008 (P.L. 110-343), which provided tax relief to assist recovery from both the severe weather that affected the Midwest during summer 2008 and Hurricane Ike (this act also included general disaster tax relief provisions that applied to federally declared disasters occurring before January 1, 2010);\nThe Disaster Tax Relief and Airport and Airway Extension Act of 2017 (P.L. 115-63), which provided tax relief to those affected by Hurricanes Harvey, Irma, and Maria in 2017;\n2017 tax act (P.L. 115-97, commonly referred to using the title of the bill as passed in the House, the \u201cTax Cuts and Jobs Act\u201d) responded to major disasters occurring in 2016; and\nThe Bipartisan Budget Act of 2018 (BBA18; P.L. 115-123), which provided relief to those affected by the 2017 California wildfires. \nThis report provides a basic overview of existing, permanent disaster tax provisions, as well as past, targeted legislative responses to specific disasters. The report also includes a discussion of economic and policy considerations related to providing disaster tax relief to individuals and businesses, and encouraging charitable giving to support disaster relief.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R45864", "sha1": "228a33e248551a8a30445eacdbc647d0e409a972", "filename": "files/20190809_R45864_228a33e248551a8a30445eacdbc647d0e409a972.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R45864", "sha1": "0620ed6786dc33660da3b9686a039020506ecb7e", "filename": "files/20190809_R45864_0620ed6786dc33660da3b9686a039020506ecb7e.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4799, "name": "Individual Tax" }, { "source": "IBCList", "id": 4804, "name": "Business & Corporate Taxation" }, { "source": "IBCList", "id": 4937, "name": "Nonprofits & Tax-Exempt Organizations" } ] } ], "topics": [ "Economic Policy" ] }