H.R. 517: Filing Relief for Natural Disasters Act

This bill, known as the Filing Relief for Natural Disasters Act, aims to modify how certain tax deadlines can be postponed for individuals and businesses affected by state-declared disasters. The key provisions of the bill include:

Modification of Tax Deadline Postponements

• Authority to Postpone Deadlines: The bill allows the Secretary of the Treasury to postpone federal tax deadlines when a state governor (or the Mayor of the District of Columbia) requests it in the aftermath of a disaster declaration.
• Definition of a Qualified State Declared Disaster: A "qualified state declared disaster" is defined to include various natural catastrophes such as hurricanes, tornadoes, storms, floods, earthquakes, and other significant events that cause enough damage as deemed by the governor or mayor.
• Expanded Definition of State: The term "State" for the purpose of this bill includes not just the 50 states, but also territories such as Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands.

Extension of Mandatory Deadlines

• Mandatory 120-Day Extensions: The bill extends the mandatory postponement period from 60 days to 120 days for federal tax deadlines impacted by these disasters.

Effective Date

• Future Applications: The changes made by this bill would only apply to disaster declarations that occur after the enactment of this Act.

By updating how tax deadlines are managed following disasters, this legislation aims to provide greater relief to those affected by such events, allowing additional time to comply with tax obligations.

Relevant Companies

None found.