HR 4539
Casualty Loss Deduction Restoration Act
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Bill overview
This bill, the Casualty Loss Deduction Restoration Act, aims to restore the ability for taxpayers to deduct losses from disasters. It removes the previous suspension of this deduction, which was in place from 2018 to 2025, and increases the maximum deductible amount from $10,000 to $50,000. The bill also extends the time frame for filing claims related to these losses. Specifically, it clarifies that losses resulting from federally declared disasters are exempt from the deduction limits.
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Cosponsors
James C. [R-GU-At Large] Moylan
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