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.