Search Results: keywords:"taxpayer certainty and disaster tax relief act of 2020"

  • S. 3552 — To amend the Taxpayer Certainty and Disaster Tax Relief Act of 2020 to allow qualified tax-exempt organizations to claim the employee retention credit for employers affected by qualified disasters against Medicare hospital insurance taxes.
    Status:Introduced in Senate
    Words:358

    S. 3552 aims to modify the Taxpayer Certainty and Disaster Tax Relief Act of 2020 to allow tax-exempt organizations affected by qualified disasters to use the employee retention credit against Medicare hospital insurance taxes. Specifically, it will amend relevant sections of...

    Simple Explanation

    S. 3552 is a plan to help some non-profit groups hit by big disasters use a special tax break to lower certain health care taxes they pay, just like they were allowed in 2020, making it easier for them to keep paying their workers.

  • H. R. 5863 — An Act To provide tax relief with respect to certain Federal disasters.
    Status:Enrolled Bill
    Words:871

    H.R. 5863, titled the "Federal Disaster Tax Relief Act of 2023," aims to offer tax relief for individuals affected by certain federal disasters. It extends previous rules for handling personal losses due to disasters and excludes from gross income any compensation received for losses from...

    Simple Explanation

    The Federal Disaster Tax Relief Act of 2023 wants to make it easier for people who lost things in big disasters to get money without having to pay taxes on it, especially when bad wildfires or train accidents happen. It tries to help by saying these disaster payments are like special gifts and not counted as money you earn, so you don’t have to tell the tax folks about them.

  • H. R. 5863 — An Act To provide tax relief with respect to certain Federal disasters.
    Status:Engrossed in House
    Words:872

    H.R. 5863, known as the “Federal Disaster Tax Relief Act of 2023,” aims to provide tax relief for individuals affected by certain federal disasters. The bill extends the rules for treating disaster-related personal losses and excludes wildfire relief payments from gross income. It also treats...

    Simple Explanation

    H.R. 5863 wants to help people with their taxes if they were hurt by things like big wildfires or accidents. It tries to make it easier for them not to pay extra money on some kinds of help they get.

  • H. R. 5863 — An Act To provide tax relief with respect to certain Federal disasters.
    Status:Referred in Senate
    Words:871

    H.R. 5863, titled the “Federal Disaster Tax Relief Act of 2023,” aims to provide tax relief related to specific federal disasters. The bill extends rules for handling personal financial losses due to disasters and allows individuals to exclude from taxable income certain...

    Simple Explanation

    H.R. 5863 is a plan to help people save money on their taxes after certain big disasters like wildfires or accidents, so they don’t have to pay taxes on some of the help they get if they aren’t already covered by insurance.

  • S. 3678 — To amend the Internal Revenue Code of 1986 to extend the time during which a qualified disaster may have occurred for purposes of the special rules for personal casualty losses.
    Status:Introduced in Senate
    Words:230

    S. 3678 aims to amend the Internal Revenue Code of 1986 by extending the time frame for recognizing a qualified disaster when applying special rules for personal casualty losses. This extension will modify provisions from the Taxpayer Certainty and Disaster Tax Relief Act of...

    Simple Explanation

    S. 3678 is a plan to give people more time to claim help from the government for things they lost in big emergencies or disasters. It changes some old rules to make it easier for people to get money back if their stuff was damaged.

  • H. R. 5863 — To provide tax relief with respect to certain Federal disasters.
    Status:Reported in House
    Words:1,094

    H.R. 5863, known as the "Federal Disaster Tax Relief Act of 2023," aims to provide tax relief connected to certain federal disasters. The bill proposes extending tax rules for personal casualty losses, allowing people affected by specific disasters like wildfires to exclude certain relief...

    Simple Explanation

    H.R. 5863 is a law that helps people affected by big disasters, like fires or a train accident, by letting them keep more of their money. It says some of the money they get for help doesn't count as income, so they don't have to pay taxes on it.