To provide for emergency tax relief for taxpayers affected by the severe storms, flooding, straight-line winds, and tornadoes in certain Iowa counties.
About This Bill
Committee
Latest Action · July 22, 2024
Referred to the House Committee on Ways and Means.
This bill provides emergency tax relief for Iowa residents and businesses affected by severe storms, flooding, straight-line winds, and tornadoes that occurred in specific Iowa counties between April 26 and June 16, 2024. The legislation allows affected individuals to withdraw up to $100,000 from retirement accounts without the usual early withdrawal penalties, and they have three years to repay the money back into retirement plans without tax consequences. Additionally, the bill increases the borrowing limits for loans from employer retirement plans from $50,000 to $100,000 for qualified individuals and allows them to delay loan repayments for one year. The bill also temporarily suspends limitations on charitable contributions for donations made to relief organizations between April 24 and December 31, 2024, allowing taxpayers to deduct these contributions without the normal charitable deduction caps. These provisions are designed to help disaster-affected Iowans access funds for recovery and reconstruction efforts while minimizing immediate tax burdens.
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