H.R. 3823 Disaster Tax Relief and Airport and Airway Extension Act of 2017

Summary


Disaster Tax Relief and Airport and Airway Extension Act of 2017 This bill extends several federal aviation programs, aviation taxes, and public health programs. It also modifies requirements for purchasing flood insurance and provides tax incentives for individuals and businesses affected by recent hurricanes. The bill extends several expiring Federal Aviation Administration programs and authorities through March 31, 2018. The bill also amends the Internal Revenue Code to extend through March 31, 2018, the expenditure authority for the Airport and Airway Trust Fund and the taxes that finance the fund, including: fuel taxes, ticket taxes, and taxes related to fractional ownership programs. The bill extends several public health programs, including: (1) the Teaching Health Center Graduate Medical Education program, (2) the Special Diabetes Program for Indians, and (3) the Medicare Patient Intravenous Immunoglobulin (IVIG) Demonstration Project. The bill also reduces funding for the Medicare Improvement Fund. With respect to flood insurance, the bill specifies that private flood insurance offered outside of the National Flood Insurance Program satisfies the requirement for homeowners to maintain flood insurance coverage on properties that have federally-backed mortgages and are located in a flood zone. The bill modifies several tax provisions and rules for individuals and businesses in areas affected by Hurricanes Harvey, Irma, and Maria, including provisions regarding: early withdrawals and loans from retirement plans, employment-related tax credits, deductions for charitable contributions, deductions for personal casualty losses, and income requirements for the earned income tax credit and the child tax credit.

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