Disaster Tax Relief for Families
Official: Working Families Disaster Tax Relief Act
This bill helps families who have been affected by disasters by letting them use their previous year's income to qualify for important tax credits. This can provide much-needed financial relief during tough times.
1. This bill allows families affected by disasters to use their income from the previous year for tax credits. 2. It specifically applies to the earned income credit and the refundable portion of the child tax credit. 3. The bill defines disaster-affected taxpayers as those living or working in declared disaster zones. 4. It aims to help families recover financially after a disaster by providing access to tax benefits. 5. The changes will take effect for tax years starting after December 31, 2024.
Families living in areas hit by major disasters declared by the President.