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 Senate
- Passed House
- 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 amends the Internal Revenue Code to reinstate paragraph (5) of section 165(h), which previously limited the deduction for casualty losses. The bill also extends the deadline for taxpayers to claim a credit or refund for these losses if they were previously disallowed.
Key provisions
- Reinstates the deduction for personal casualty losses as it existed before Public Law 115-97.
- Amends section 165(h) of the Internal Revenue Code.
- Extends the deadline to file claims for casualty loss deductions.
- Provides an extension for taxpayers who filed returns before January 1, 2025, and were unable to claim the deduction due to the suspension.
- Limits the extension to claims related to overpayments from personal casualty losses.
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.
- Extends the time frame for taxpayers to file claims for these losses.
Bill text
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Sponsors
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8 on record
Primary sponsor
Cosponsors
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