Bill Containing Relief for Derecho Impacted Farmers Becomes Law
By NAFB News Service
via Hoosier Ag Today (IN) - Jan 5, 2021
The year-end legislative package includes tax relief for anyone in presidentially declared disaster areas, including those impacted by the August derecho.
The Disaster Tax Relief Act of 2020 was signed into law by President Donald Trump as part of the Consolidated Appropriations Act.
The bipartisan bill removes penalties on early withdrawals from retirement accounts, provides a tax credit for employee retention during business interruption, and encourages charitable giving to affected areas by suspending limits on deductions for certain contributions.