Natural Disaster Tax Relief Act of 2023
This bill sets forth tax relief provisions for individual taxpayers for losses resulting from a major disaster occurring in 2023.
Specifically, the bill
allows penalty-free disaster-relief withdrawals from tax-exempt retirement plans up to $100,000, permits recontributions of such withdrawals for home purchases or construction cancelled due to the disaster, increases to $100,000 the limit on loans for disaster assistance from retirement plans, and enhances the tax deduction for disaster-related personal casualty losses.
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