I 

118TH CONGRESS 

2D SESSION H. R. 9081 

To provide for emergency tax relief for taxpayers affected by the severe 

storms, flooding, straight-line winds, and tornadoes in certain Iowa counties. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 22, 2024 

Mr. FEENSTRA (for himself, Mr. NUNN of Iowa, Mrs. HINSON, and Mrs. MILLER-MEEKS) introduced the following bill; which was referred to the 

Committee on Ways and Means 

A BILL 

To provide for emergency tax relief for taxpayers affected 

by the severe storms, flooding, straight-line winds, and 

tornadoes in certain Iowa counties. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Storm Recovery and 

5 Community Restoration Act’’. 

6 SEC. 2. SPECIAL DISASTER-RELATED RULES FOR USE OF 

7 RETIREMENT FUNDS. 

8 (a) TAX-FAVORED WITHDRAWALS FROM RETIRE9 MENT PLANS.— 


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1 (1) IN GENERAL.—Section 72(t) of the Internal 

2 Revenue Code of 1986 shall not apply to any quali3 fied Iowa disaster distribution. 

4 (2) AGGREGATE DOLLAR LIMITATION.— 

5 (A) IN GENERAL.—For purposes of this 

6 subsection, the aggregate amount of distribu7 tions received by an individual which may be 

8 treated as qualified Iowa disaster distributions 

9 for any taxable year shall not exceed the excess 

10 (if any) of— 

11 (i) $100,000, over 

12 (ii) the aggregate amounts treated as 

13 qualified Iowa disaster distributions re14 ceived by such individual for all prior tax15 able years. 

16 (B) TREATMENT OF PLAN DISTRIBU17 TIONS.—If a distribution to an individual would 

18 (without regard to subparagraph (A)) be a 

19 qualified Iowa disaster distribution, a plan shall 

20 not be treated as violating any requirement of 

21 the Internal Revenue Code of 1986 merely be22 cause the plan treats such distribution as a 

23 qualified Iowa disaster distribution, unless the 

24 aggregate amount of such distributions from all 

25 plans maintained by the employer (and any 


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1 member of any controlled group which includes 

2 the employer) to such individual exceeds 

3 $100,000. 

4 (C) CONTROLLED GROUP.—For purposes 

5 of subparagraph (B), the term ‘‘controlled 

6 group’’ means any group treated as a single 

7 employer under subsection (b), (c), (m), or (o) 

8 of section 414 of the Internal Revenue Code of 

9 1986. 

10 (3) AMOUNT DISTRIBUTED MAY BE REPAID.— 

11 (A) IN GENERAL.—Any individual who re12 ceives a qualified Iowa disaster distribution 

13 may, at any time during the 3-year period be14 ginning on the day after the date on which such 

15 distribution was received, make one or more 

16 contributions in an aggregate amount not to ex17 ceed the amount of such distribution to an eligi18 ble retirement plan of which such individual is 

19 a beneficiary and to which a rollover contribu20 tion of such distribution could be made under 

21 section 402(c), 403(a)(4), 403(b)(8), 408(d)(3), 

22 or 457(e)(16), of the Internal Revenue Code of 

23 1986, as the case may be. 

24 (B) TREATMENT OF REPAYMENTS OF DIS25 TRIBUTIONS FROM ELIGIBLE RETIREMENT


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1 PLANS OTHER THAN IRAS.—For purposes of 

2 the Internal Revenue Code of 1986, if a con3 tribution is made pursuant to subparagraph (A) 

4 with respect to a qualified Iowa disaster dis5 tribution from an eligible retirement plan other 

6 than an individual retirement plan, then the 

7 taxpayer shall, to the extent of the amount of 

8 the contribution, be treated as having received 

9 the qualified Iowa disaster distribution in an el10 igible rollover distribution (as defined in section 

11 402(c)(4) of such Code) and as having trans12 ferred the amount to the eligible retirement 

13 plan in a direct trustee to trustee transfer with14 in 60 days of the distribution. 

15 (C) TREATMENT OF REPAYMENTS FOR

16 DISTRIBUTIONS FROM IRAS.—For purposes of 

17 the Internal Revenue Code of 1986, if a con18 tribution is made pursuant to subparagraph (A) 

19 with respect to a qualified Iowa disaster dis20 tribution from an individual retirement plan (as 

21 defined by section 7701(a)(37) of such Code), 

22 then, to the extent of the amount of the con23 tribution, the qualified Iowa disaster distribu24 tion shall be treated as a distribution described 

25 in section 408(d)(3) of such Code and as having 


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1 been transferred to the eligible retirement plan 

2 in a direct trustee to trustee transfer within 60 

3 days of the distribution. 

4 (4) DEFINITIONS.—For purposes of this sub5 section— 

6 (A) QUALIFIED IOWA DISASTER DISTRIBU7 TION.—Except as provided in paragraph (2), 

8 the term ‘‘qualified Iowa disaster distribution’’ 

9 means any distribution from an eligible retire10 ment plan made on or after the applicable date, 

11 and before January 1, 2026, to an individual 

12 whose principal place of abode on the applicable 

13 date, is located in the Iowa disaster area. 

14 (B) IOWA DISASTER AREA.—For purposes 

15 of paragraph (1), the term ‘‘Iowa disaster area’’ 

16 means— 

17 (i) any area within the Iowa counties 

18 of Clarke, Harrison, Mills, Polk, 

19 Pottawattamie, Ringgold, Shelby, or Union 

20 with respect to which a major disaster was 

21 declared, during the period beginning on 

22 April 26, 2024, and ending on the date 

23 which is 60 days after the date of the en24 actment of this Act, by the President 

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1 ford Disaster Relief and Emergency Assist2 ance Act, and 

3 (ii) any area within the Iowa counties 

4 of Clay, Emmet, Lyon, Plymouth, or Sioux 

5 with respect to which a major disaster was 

6 declared, during the period beginning on 

7 June 16, 2024, and ending on the date 

8 which is 60 days after the date of the en9 actment of this Act, by the President 

10 under section 401 of the Robert T. Staf11 ford Disaster Relief and Emergency Assist12 ance Act. 

13 (C) APPLICABLE DATE.—For purposes of 

14 this paragraph, the term ‘‘applicable date’’ 

15 means— 

16 (i) in the case of a disaster area de17 scribed in subparagraph (B)(i), April 26, 

18 2024, and 

19 (ii) in the case of a disaster area de20 scribed in subparagraph (B)(ii), June 16, 

21 2024. 

22 (D) ELIGIBLE RETIREMENT PLAN.—The 

23 term ‘‘eligible retirement plan’’ has the meaning 

24 given such term by section 402(c)(8)(B) of the 

25 Internal Revenue Code of 1986. 


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1 (5) INCOME INCLUSION SPREAD OVER 3-YEAR

2 PERIOD.— 

3 (A) IN GENERAL.—In the case of any 

4 qualified Iowa disaster distribution, unless the 

5 taxpayer elects not to have this paragraph 

6 apply for any taxable year, any amount re7 quired to be included in gross income for such 

8 taxable year shall be so included ratably over 

9 the 3-taxable-year period beginning with such 

10 taxable year. 

11 (B) SPECIAL RULE.—For purposes of sub12 paragraph (A), rules similar to the rules of sub13 paragraph (E) of section 408A(d)(3) of the In14 ternal Revenue Code of 1986 shall apply. 

15 (6) SPECIAL RULES.— 

16 (A) EXEMPTION OF DISTRIBUTIONS FROM

17 TRUSTEE TO TRUSTEE TRANSFER AND WITH18 HOLDING RULES.—For purposes of sections 

19 401(a)(31), 402(f), and 3405 of the Internal 

20 Revenue Code of 1986, qualified Iowa disaster 

21 distributions shall not be treated as eligible roll22 over distributions. 

23 (B) QUALIFIED IOWA DISASTER DISTRIBU24 TIONS TREATED AS MEETING PLAN DISTRIBU25 TION REQUIREMENTS.—For purposes the InterVerDate Sep 11 2014 05:04 Aug 17, 2024 Jkt 049200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H9081.IH H9081

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1 nal Revenue Code of 1986, a qualified Iowa dis2 aster distribution shall be treated as meeting 

3 the requirements of sections 401(k)(2)(B)(i), 

4 403(b)(7)(A)(ii), 403(b)(11), and 457(d)(1)(A) 

5 of such Code. 

6 (b) RECONTRIBUTIONS OF WITHDRAWALS FOR

7 HOME PURCHASES.— 

8 (1) RECONTRIBUTIONS.— 

9 (A) IN GENERAL.—Any individual who re10 ceived a qualified distribution may, during the 

11 period beginning on the applicable date, and 

12 ending on December 31, 2024, make one or 

13 more contributions in an aggregate amount not 

14 to exceed the amount of such qualified distribu15 tion to an eligible retirement plan (as defined in 

16 section 402(c)(8)(B) of the Internal Revenue 

17 Code of 1986) of which such individual is a 

18 beneficiary and to which a rollover contribution 

19 of such distribution could be made under sec20 tion 402(c), 403(a)(4), 403(b)(8), or 408(d)(3), 

21 of such Code, as the case may be. 

22 (B) TREATMENT OF REPAYMENTS.—Rules 

23 similar to the rules of subparagraphs (B) and 

24 (C) of subsection (a)(3) shall apply for purposes 

25 of this subsection. 


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1 (2) QUALIFIED DISTRIBUTION.—For purposes 

2 of this subsection, the term ‘‘qualified distribution’’ 

3 means any distribution— 

4 (A) described in section 

5 401(k)(2)(B)(i)(IV), 403(b)(7)(A)(ii) (but only 

6 to the extent such distribution relates to finan7 cial hardship), 403(b)(11)(B), or 72(t)(2)(F), 

8 of the Internal Revenue Code of 1986, 

9 (B) received on or after the applicable 

10 date, and before December 31, 2024, and 

11 (C) which was to be used to purchase or 

12 construct a principal residence in the Iowa dis13 aster area. 

14 (3) APPLICABLE DATE.—For purposes of this 

15 subsection, the term ‘‘applicable date’’ means— 

16 (A) in the case of a qualified distribution 

17 received with respect to the Iowa disaster area 

18 described in subsection (a)(4)(B)(i), April 26, 

19 2024, and 

20 (B) in the case of a qualified distribution 

21 received with respect to the Iowa disaster area 

22 described in subsection (a)(4)(B)(ii), June 14, 

23 2024. 

24 (c) LOANS FROM QUALIFIED PLANS.— 


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1 (1) INCREASE IN LIMIT ON LOANS NOT TREAT2 ED AS DISTRIBUTIONS.—In the case of any loan 

3 from a qualified employer plan (as defined under 

4 section 72(p)(4) of the Internal Revenue Code of 

5 1986) to a qualified individual made during the pe6 riod beginning on the date of the enactment of this 

7 Act and ending on December 31, 2025— 

8 (A) clause (i) of section 72(p)(2)(A) of 

9 such Code shall be applied by substituting 

10 ‘‘$100,000’’ for ‘‘$50,000’’, and 

11 (B) clause (ii) of such section shall be ap12 plied by substituting ‘‘the present value of the 

13 nonforfeitable accrued benefit of the employee 

14 under the plan’’ for ‘‘one-half of the present 

15 value of the nonforfeitable accrued benefit of 

16 the employee under the plan’’. 

17 (2) DELAY OF REPAYMENT.—In the case of a 

18 qualified individual with an outstanding loan on or 

19 after the qualified beginning date from a qualified 

20 employer plan (as defined in section 72(p)(4) of the 

21 Internal Revenue Code of 1986)— 

22 (A) if the due date pursuant to subpara23 graph (B) or (C) of section 72(p)(2) of such 

24 Code for any repayment with respect to such 

25 loan occurs during the period beginning on the 


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1 qualified beginning date and ending on Decem2 ber 31, 2025, such due date shall be delayed for 

3 1 year, 

4 (B) any subsequent repayments with re5 spect to any such loan shall be appropriately 

6 adjusted to reflect the delay in the due date 

7 under paragraph (1) and any interest accruing 

8 during such delay, and 

9 (C) in determining the 5-year period and 

10 the term of a loan under subparagraph (B) or 

11 (C) of section 72(p)(2) of such Code, the period 

12 described in subparagraph (A) shall be dis13 regarded. 

14 (3) QUALIFIED INDIVIDUAL.—For purposes of 

15 this subsection, the term ‘‘qualified individual’’ 

16 means an individual whose principal place of abode 

17 on the applicable date described in subsection 

18 (a)(4)(C) is located in the Iowa disaster area and 

19 who has sustained an economic loss by reason of se20 vere storms, flooding, straight-line winds, or torna21 does beginning on such date. 

22 (4) QUALIFIED BEGINNING DATE.—For pur23 poses of this subsection, the qualified beginning date 

24 is the applicable date described in subsection 

25 (a)(4)(C). 


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1 (d) PROVISIONS RELATING TO PLAN AMEND2 MENTS.— 

3 (1) IN GENERAL.—If this subsection applies to 

4 any amendment to any plan or annuity contract, 

5 such plan or contract shall be treated as being oper6 ated in accordance with the terms of the plan during 

7 the period described in paragraph (2)(B)(i). 

8 (2) AMENDMENTS TO WHICH SUBSECTION AP9 PLIES.— 

10 (A) IN GENERAL.—This subsection shall 

11 apply to any amendment to any plan or annuity 

12 contract which is made— 

13 (i) pursuant to any provision of this 

14 section, or pursuant to any regulation 

15 issued by the Secretary or the Secretary of 

16 Labor under any provision of this section, 

17 and 

18 (ii) on or before the last day of the 

19 first plan year beginning on or after Janu20 ary 1, 2026, or such later date as the Sec21 retary may prescribe. 

22 In the case of a governmental plan (as defined 

23 in section 414(d) of the Internal Revenue Code 

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1 stituting the date which is 2 years after the 

2 date otherwise applied under clause (ii). 

3 (B) CONDITIONS.—This subsection shall 

4 not apply to any amendment unless— 

5 (i) during the period— 

6 (I) beginning on the date that 

7 this section or the regulation de8 scribed in subparagraph (A)(i) takes 

9 effect (or in the case of a plan or con10 tract amendment not required by this 

11 section or such regulation, the effec12 tive date specified by the plan), and 

13 (II) ending on the date described 

14 in subparagraph (A)(ii) (or, if earlier, 

15 the date the plan or contract amend16 ment is adopted), 

17 the plan or contract is operated as if such plan 

18 or contract amendment were in effect, and 

19 (ii) such plan or contract amendment 

20 applies retroactively for such period. 

21 SEC. 3. TEMPORARY SUSPENSION OF LIMITATIONS ON 

22 CHARITABLE CONTRIBUTIONS. 

23 (a) IN GENERAL.—Except as otherwise provided in 

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1 tributions and such contributions shall not be taken into 

2 account for purposes of applying subsections (b) and (d) 

3 of such section to other contributions. 

4 (b) TREATMENT OF EXCESS CONTRIBUTIONS.—For 

5 purposes of section 170 of the Internal Revenue Code of 

6 1986— 

7 (1) INDIVIDUALS.—In the case of an indi8 vidual— 

9 (A) LIMITATION.—Any qualified contribu10 tion shall be allowed only to the extent that the 

11 aggregate of such contributions does not exceed 

12 the excess of the taxpayer’s contribution base 

13 (as defined in subparagraph (G) of section 

14 170(b)(1) of such Code) over the amount of all 

15 other charitable contributions allowed under 

16 section 170(b)(1) of such Code. 

17 (B) CARRYOVER.—If the aggregate 

18 amount of qualified contributions made in the 

19 contribution year (within the meaning of section 

20 170(d)(1) of such Code) exceeds the limitation 

21 of clause (i), such excess shall be added to the 

22 excess described in the portion of subparagraph 

23 (A) of such section which precedes clause (i) 

24 thereof for purposes of applying such section. 


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1 (2) CORPORATIONS.—In the case of a corpora2 tion— 

3 (A) LIMITATION.—Any qualified contribu4 tion shall be allowed only to the extent that the 

5 aggregate of such contributions does not exceed 

6 the excess of the taxpayer’s taxable income (as 

7 determined under paragraph (2) of section 

8 170(b) of such Code) over the amount of all 

9 other charitable contributions allowed under 

10 such paragraph. 

11 (B) CARRYOVER.—Rules similar to the 

12 rules of subparagraph (A)(ii) shall apply for 

13 purposes of this subparagraph. 

14 (c) EXCEPTION TO OVERALL LIMITATION ON

15 ITEMIZED DEDUCTIONS.—So much of any deduction al16 lowed under section 170 of the Internal Revenue Code of 

17 1986 as does not exceed the qualified contributions paid 

18 during the taxable year shall not be treated as an itemized 

19 deduction for purposes of section 68 of such Code. 

20 (d) QUALIFIED CONTRIBUTIONS.— 

21 (1) IN GENERAL.—For purposes of this sub22 section, the term ‘‘qualified contribution’’ means any 

23 charitable contribution (as defined in section 170(c) 

24 of the Internal Revenue Code of 1986) if— 

25 (A) such contribution— 


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1 (i) is paid during the period beginning 

2 on April 24, 2024, and ending on Decem3 ber 31, 2024, in cash to an organization 

4 described in section 170(b)(1)(A) of such 

5 Code, and 

6 (ii) is made for relief efforts in the 

7 Iowa disaster area, 

8 (B) the taxpayer obtains from such organi9 zation contemporaneous written acknowledg10 ment (within the meaning of section 170(f)(8) 

11 of such Code) that such contribution was used 

12 (or is to be used) for relief efforts described in 

13 clause (i)(II), and 

14 (C) the taxpayer has elected the applica15 tion of this subsection with respect to such con16 tribution. 

17 (2) IOWA DISASTER AREA.—For purposes of 

18 paragraph (1), the term ‘‘Iowa disaster area’’ has 

19 the meaning given such term in section 2(a)(4)(B). 

20 (3) EXCEPTION.—Such term shall not include a 

21 contribution by a donor if the contribution is— 

22 (A) to an organization described in section 

23 509(a)(3) of the Internal Revenue Code of 

24 1986, or 


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1 (B) for the establishment of a new, or 

2 maintenance of an existing, donor advised fund 

3 (as defined in section 4966(d)(2) of such Code). 

4 (4) APPLICATION OF ELECTION TO PARTNER5 SHIPS AND S CORPORATIONS.—In the case of a part6 nership or S corporation, the election under sub7 paragraph (A)(iii) shall be made separately by each 

8 partner or shareholder. 

Æ 


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