Bill > HR481

This bill aims to remove the existing limitation on tax deductions for personal casualty losses in the Internal Revenue Code. Currently, taxpayers face restrictions on claiming deductions for losses from unexpected events like natural disasters or accidents, but this legislation would eliminate those restrictions, allowing homeowners to more fully deduct property damage costs. Specifically, the bill would strike paragraph (5) from Section 165(h) of the tax code, which previously limited such deductions. The changes would take effect for any losses sustained in tax years beginning after December 31, 2024, meaning homeowners could start claiming more comprehensive deductions for property damage in the 2025 tax year and beyond. By removing these limitations, the bill seeks to provide greater financial relief to homeowners who experience unexpected property losses from events such as hurricanes, wildfires, floods, or other disasters.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/481/all-info