A bill to amend the Internal Revenue Code of 1986 to repeal the temporary limitation on personal casualty losses.
Casualty Loss Deduction Restoration Act
This bill eliminates the suspension period (2018 through 2025) for the tax deduction for personal casualty lossess and increases from $10,000 to $50,000 the limitation on allowable amount of the deduction.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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