Bill > HR3469

This bill, called the "Tax Relief for Victims of Crimes, Scams, and Disasters Act," proposes to reinstate the tax deduction for personal casualty losses that was suspended by the Tax Cuts and Jobs Act (Public Law 115-97) for tax years after December 31, 2017. Personal casualty losses are financial losses from sudden, unexpected events like natural disasters, theft, or accidents that are not covered by insurance. The bill would restore taxpayers' ability to claim these losses as tax deductions and provides an extended time frame for filing claims related to such losses. Specifically, taxpayers who were unable to claim personal casualty loss deductions during the suspension period will now have an extended period to file a claim for a tax credit or refund. This extension allows taxpayers to file claims until the tax filing deadline for the year in which this Act is enacted, and removes certain time limitations that would have previously prevented such claims. The bill aims to provide financial relief to individuals who experienced significant unexpected losses during the period when the deduction was suspended.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/3469/all-info