2020 Disasters Tax Relief Act

2020 Disasters Tax Relief Act This bill sets forth tax relief provisions for individual and business taxpayers residing in a disaster zone during the period beginning on January 1, 2020, and ending 60 days after the enactment of this bill. Specifically, the bill allows penalty-free disaster-relief withdrawals from tax-exempt retirement plans up to $100,000, permits recontributions of such withdrawals for home purchases cancelled due to disasters, increases to $100,000 the limit on loans for disaster assistance from retirement plans, allows employers affected by a disaster a 40% tax credit for the purpose of retaining employees, enhances the tax deduction for disaster-related personal casualty losses, permits the calculation of the earned income tax credit based upon income earned prior to 2020, increases low-income housing tax credit allocations, reimburses U.S. possessions for losses sustained due to the application of the provisions of this bill.