A bill to amend the Internal Revenue Code of 1986 to provide special rules for personal casualty losses arising from major disasters.
Claiming Losses After Disasters Act
This bill revises the tax deduction for personal casualty losses arising from major federally-declared disasters. It replaces the current requirement that such losses exceed 10% of a disaster victim's adjusted gross income before a deduction can be claimed with a minimum threshold of $500 in losses per disaster.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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