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The Hurricane Helene and Milton Tax Relief Act of 2024 provides tax relief for individuals and businesses affected by Hurricanes Helene and Milton. The bill allows eligible individuals to calculate the Earned Income Tax Credit based on prior-year income if current-year income is lower, increases charitable contribution deduction limits for disaster relief donations, allows deduction of personal casualty losses without the standard floor limitation, and permits penalty-free withdrawals of up to $100,000 from retirement accounts for disaster-affected individuals.
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