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.
If you live in a disaster area, you could qualify for more tax credits based on last year's income.
Who this affects
Families in disaster areas
What changes is this bill making?
1This bill allows families affected by disasters to use their income from the previous year for tax credits.
2It specifically applies to the earned income credit and the refundable portion of the child tax credit.
3The bill defines disaster-affected taxpayers as those living or working in declared disaster zones.
4It aims to help families recover financially after a disaster by providing access to tax benefits.
5The changes will take effect for tax years starting after December 31, 2024.
