Louisiana Flood and Storm Devastation Tax Relief Act of 2016

[AI summary unavailable — showing source text] Louisiana Flood and Storm Devastation Tax Relief Act of 2016 This bill amends the Internal Revenue Code to modify several tax provisions and rules for individuals and businesses affected by storms and flooding in Louisiana. The bill applies to the area with respect to which a major disaster has been declared by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act: before September 3, 2016, by reason of severe storms and flooding occurring in Louisiana during August of 2016; and before April 21, 2016, by reason of severe storms and flooding occurring in Louisiana during March and April of 2016. For individuals and businesses in the specified Louisiana storm and flood disaster area, the bill modifies tax provisions and rules regarding: (1) early withdrawals of retirement funds; (2) employment-related tax credits; (3) charitable contributions; (4) and various tax deductions, exclusions, and credits related to losses and recovery from the storms and flooding.…