Tax Relief for Victims of Crimes, Scams, and Disasters Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill aims to restore a deduction for personal casualty losses that was temporarily suspended by a previous law. Specifically, it removes a restriction in the tax code that limited the amount of casualty losses individuals could deduct. It also extends the time for taxpayers to file claims for these deductions if they were previously denied due to the suspension, but only for losses related to specific types of disasters.
Key provisions
- Reinstates the deduction for personal casualty losses under section 165(a).
- Removes paragraph (5) from section 165(h) of the Internal Revenue Code.
- Extends the deadline for filing claims for casualty loss deductions.
- The extension applies to returns filed before January 1, 2025.
- The extension is limited to overpayments related to specific casualty losses (section 165(c)(3)).
Who is affected
- Taxpayers
- Individuals who have suffered losses due to crimes, scams, or disasters
Notable changes
- Restores a previously suspended deduction for personal casualty losses.
- Provides an extension for filing claims related to these losses.
Bill text
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Sponsors
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62 on record
Primary sponsor
Cosponsors
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