A bill to amend the Internal Revenue Code of 1954, to permit taxpayers to elect to deduct certain disaster losses in the taxable year immediately succeeding the taxable year in which the disaster occurred.

Permits taxpayers, under the Internal Revenue Code, to elect to deduct disaster losses in the taxable year immediately succeeding the taxable year in which the disaster occurred. (Amends 26 U.S.C. 165 (h))