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Tax Relief for Iowans Impacted by the Derecho Now Law
As Iowans continue to recover from the derecho that swept across our state last summer, I’ve been working to help deliver critical support.
Just recently, a bipartisan bill I helped pass with Senator Chuck Grassley was signed into law and will provide tax relief to the individuals, families, and small businesses in presidentially declared disaster areas on or after July 1, 2020 – including those impacted by the derecho.
Click here or on the image above to read more from The Gazette.
The Disaster Tax Relief Act of 2020:
- Removes penalties on early withdrawals from retirement accounts so folks can access their savings to help cover the cost of certain storm-related expenses
- Provides a tax credit for employee retention during business interruption
- Encourages charitable giving to affected areas, by suspending limits on deductions for certain contributions
- Creates special rules for qualified disaster-related personal casualty losses
- Allows low-income workers to use their previous year’s income to claim certain tax credits, ensuring that they do not lose access to the credits or receive a lower amount
I was proud to help deliver this much-needed relief to Iowans impacted by the derecho. As folks across our state continue to work through these challenging times, I remain committed to supporting them every step of the way.
For more updates on what’s happening in Washington, D.C. and Iowa, be sure to ‘Like’ my Facebook page, follow me on Twitter @SenJoniErnst, and subscribe to my YouTube channel.
Thank you!
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