Bipartisan tax extenders, disaster tax relief bill - KPMG Global
close
Share with your friends

Senate Finance leaders introduce bipartisan tax extenders, disaster tax relief bill

Bipartisan tax extenders, disaster tax relief bill

U.S. Senate Finance Committee Chairman Charles Grassley (R-IA) and ranking member Ron Wyden (D-OR) today introduced bipartisan legislation that would retroactively extend 26 tax provisions that expired at the end of 2017 through the balance of 2019.

1000

Related content

Additionally, the bill—the Tax Extender and Disaster Relief Act of 2019—would address three provisions expiring at the end of 2018 or 2019 as well as provide disaster tax relief benefits to individuals and businesses affected by major disasters occurring in 2018.

Among the items addressed by the bill are an extension of the temporary 7.5% of AGI threshold for the itemized deduction for unreimbursed medical expenses and a reinstatement of the oil spill liability trust fund excise tax and the black lung liability trust fund excise tax effective the first day of the first month beginning after enactment.

The disaster tax relief benefits include special rules allowing access to retirement funds; a special credit for employee retention during business interruption; suspension of limits on deductions for certain charitable contributions; special rules for deductions for disaster-related personal casualty losses; and special rules for measurement of earned income for purposes of qualification for tax credits.


Read text of the tax extenders bill [PDF 78 KB] and a summary of the bill [PDF 396 KB] prepared by the Finance Committee staff.

What’s next?

Plans for consideration of the Senate bill are not established at this time. A similar bill would have to be passed by the House. Timing of House consideration of an extenders bill is uncertain. 

© 2019 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG International Cooperative (“KPMG International”) is a Swiss entity.

Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

Connect with us

 

Want to do business with KPMG?

 

Request for proposal