# Summary
The Hurricane Helene and Milton Tax Relief Act of 2024 provides several tax breaks for individuals and businesses affected by Hurricanes Helene and Milton in designated disaster areas between September 28 and November 2, 2024. The bill allows eligible individuals to calculate their earned income tax credit based on the previous year's income if their current year earnings dropped due to the hurricanes, and it increases the tax deduction limit for charitable donations to hurricane relief organizations, allowing donors to carry over excess donations for five years. The legislation also enables individuals to deduct personal casualty losses from the hurricanes without the usual limitations, claim disaster-related losses above the standard deduction, and withdraw up to $100,000 from retirement accounts penalty-free, with the option to repay the withdrawn funds within three years. Additionally, the bill allows eligible individuals to take larger loans from employer retirement plans and delays repayment obligations by one year for those with existing plan loans. These provisions apply through December 31, 2025, and are intended to help affected residents and organizations with hurricane recovery costs.
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