About HR5863

Federal Disaster Tax Relief Act of 2023

Policy Area: Taxation

Sponsor: Rep. Steube, W. Gregory [R-FL-17] (R-FL)

Latest Action (2024-12-12): Became Public Law No: 118-148.

Summary

Federal Disaster Tax Relief Act of 2023This act extends the time period during which an area impacted by a major disaster may be considered a qualified disaster area, which allows certain taxpayers to qualify for an increased tax deduction for losses attributable to the disaster. This act also excludes East Palestine, Ohio, train derailment payments and qualified wildfire relief payments from income for federal tax purposes and extends the statute of limitations period for some refund or credit claims resulting from qualified wildfire relief payments. Generally, individual taxpayers may claim an itemized tax deduction for unreimbursed personal casualty losses attributable to a federally declared disaster, to the extent that the loss exceeds $100 per casualty and total annual losses exceed 10% of adjusted gross income. However, personal casualty losses attributable to a qualified disaster area are deductible to the extent that they exceed $500 per casualty even if the taxpayer claims the standard deduction (rather than itemizing tax deductions) and are not subject to the 10% of adjusted gross income limitation.  A qualified disaster area is an area impacted by a major disaster during a specific period of time. The act extends the time period during which an area impacted by a major disaster may be considered a qualified disaster area and, therefore, allows disaster-related personal casualty losses sustained within those areas to be deducted to the extent such lo

Subjects: Accidents, Disaster relief and insurance, Fires, Forests, forestry, trees, Income tax exclusion, Railroads

Who Voted How on HR5863

Filter by Yea, Nay, or Absent

Other Contested Bills