Storm Recovery and Community Restoration Act

The Storm Recovery and Community Restoration Act provides tax relief to Iowa residents in specific disaster-affected areas following storms and flooding. It allows penalty-free withdrawals of up to $100,000 from retirement accounts for individuals living in designated counties (e.g., Polk, Shelby, Clay, or Sioux) who suffered economic loss, with the option to repay within three years to avoid taxes. The bill also increases retirement loan limits to $100,000 and delays loan repayments for one year for affected residents. Additionally, it temporarily suspends limits on deducting cash charitable contributions to Iowa disaster relief efforts between April 24 and December 31, 2024.