April 16, 2019
Midwest lawmakers last week introduced a bill that would provide tax relief for disaster victims stemming from events this spring. Senator Chuck Grassley of Iowa announced the Tax Relief Act of 2019.
The bill would provide tax deductions for individuals and businesses affected by federally declared disasters that occurred between January 1, 2019 and April 15, 2019, including flooding in the Midwest and tornadoes in the South. Benefits under the bill include special rules allowing access to retirement funds, a special credit for employee retention during business interruption, suspension of limits on deductions for certain charitable contributions, special rules for deductions for disaster-related personal casualty losses, and special rules for measurement of earned income for purposes of qualification for tax credits.
