Hurricane Wilma Taxpayer Relief Act of 2005

Bill: 109-hr-4334
Sponsor: Rep. Shaw, E. Clay, Jr. [R-FL-22]
Introduced: 2005-11-15 in the House
Policy area: Taxation
Subjects: Accounting
Annuities
Automobiles
Capital gains tax
Charitable contributions
Civil service retirement
Collection of accounts
Commerce
Corporate philanthropy
Corporation taxes
Disaster relief
Disasters
Economics and Public Finance
Emergency Management
Federal budgets
Finance and Financial Sector
Florida
Government Operations and Politics
Home ownership
Housing and Community Development
Housing finance
Hurricane aftermath legislation
Hurricanes
Income tax
Individual retirement accounts
Labor and Employment
Law
Loans
Losses
Off-budget expenditures
Pension funds
Social Welfare
Tax deductions
Tax exclusion
Tax exemption
Tax penalties
Tax-deferred compensation plans
Transportation and Public Works
Travel costs
Trusts and trustees
Volunteer workers

Summary:
action_date: 2005-11-15
text: 

 
Hurricane Wilma Taxpayer Relief Act of 2005 - Amends the Internal Revenue to provide tax relief for victims of Hurricane Wilma, including by: (1) exempting retirement plan distributions for Hurricane Wilma relief made after October 23, 2005, and before January 1, 2007, from the penalty for premature retirement plan distributions. (2) allowing three-year income averaging, for income tax purposes, of retirement plan distributions for Hurricane Wilma relief; (3) allowing the recontribution of retirement plan distributions intended for home purchases that were canceled due to Hurricane Wilma; (4) allowing tax-free loans from retirement plans for Hurricane Wilma relief; (5) suspending limitations on the tax deduction for the charitable contributions of corporations for Hurricane Wilma relief; (6) increasing the standard mileage rate for the charitable use of a vehicle for Hurricane Wilma relief; (7) excluding from the gross income of charitable volunteers reimbursements for the use of automobiles to provide Hurricane Wilma relief; (8) suspending limitations on the tax deduction for personal casualty losses attributable to Hurricane Wilma; and (9) extending from two to five years the mandatory replacement period for property compulsorily or involuntarily converted due to Hurricane Wilma. 
 
Declares that any provision of this Act causing an effect on receipts, budget authority, or outlays is designated as an emergency requirement (pursuant to section 402 of H. Con. Res. 95 [109th Congress]).


Legislative actions:
action_date: 2005-11-15
text: Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-11-15
text: Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-11-15
text: Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-11-15
text: Introduced in House
action_date: 2005-11-15
text: Introduced in House