Bill > S1773

This bill aims to restore the tax deduction for personal casualty losses that was previously suspended by the Tax Cuts and Jobs Act of 2017 (Public Law 115-97). Specifically, the bill would reinstate the ability of taxpayers to deduct losses from personal property damage caused by theft, accidents, or disasters (known as personal casualty losses) on their federal income tax returns for tax years after December 31, 2017. Additionally, the bill provides an extended timeframe for taxpayers to file claims for credits or refunds related to personal casualty losses for tax years ending before January 1, 2025. This means that individuals who were unable to claim these losses due to the 2017 tax law can now retrospectively file for tax relief. The bill, titled the "Tax Relief for Victims of Crimes, Scams, and Disasters Act," effectively reverses a part of the previous tax law that had limited taxpayers' ability to claim deductions for personal property losses, providing financial relief to those who have experienced significant property damage.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1773/all-info