To provide tax relief for damages relating to Hurricanes Helene and Milton.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To provide tax relief for damages relating to Hurricanes Helene and Milton., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Labor, Environment.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section H1F5A1493102A493CAD0F54DF5B3E7729: 1. Short title; table of contents This Act may be cited as the Hurricane Helene and Milton Tax Relief Act of 2024.
- Section H4E4458C9B0A24D2A959DDC7B32D8BD54: 2. Definitions For purposes of this Act— The term eligible individual means an individual whose principal place of abode at any time during the incident period...
- Section H4D7DA338F94145BE8C126B3642D5AA03: 3. Earned income credit determined based on preceding taxable year income with respect to qualified hurricane disaster areas In the case of an eligible...
- Section HBE675B75DCA8430F90BF91D0E395FDE6: 4. Increased limitation on charitable contributions for qualified hurricane disaster relief; certain contributions paid before April 15, 2025, treated as paid...
- Section HA2C3C1FDAB10495A95BE8670AF375A3B: 5. Hurricane-related personal casualty losses If an individual has a net disaster loss for any taxable year— the amount determined under section...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To provide tax relief for damages relating to Hurricanes Helene and Milton., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Labor, Environment
Primary Purpose
This bill, To provide tax relief for damages relating to Hurricanes Helene and Milton., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
IntroducedMr. Buchanan (for himself, Mr. Steube, Mr. Murphy, Mr. Ferguson, …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "secretary_of_labor"
- → Secretary of Labor
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology