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Tax Relief for Crumbling Foundations: Easier Casualty Loss Deductions

This act aims to make it easier for individuals to recover money for property damage, such as crumbling foundations. It removes temporary limits on deducting personal casualty losses, potentially leading to larger tax refunds for those affected. Additionally, it extends the time frame for filing a claim for a tax refund in certain situations.
Key points
Easier Tax Deductions: The act removes temporary limits, potentially increasing the amount you can deduct for personal property losses, like those from crumbling foundations.
Extended Refund Claim Period: For losses incurred in 2017, individuals will have more time to file a claim for a tax credit or refund.
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Expired
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Additional Information
Print number: 117_S_1027
Sponsor: Sen. Blumenthal, Richard [D-CT]
Process start date: 2021-03-25
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Tax Assistance for Crumbling Foundations Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_1027.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-03-25.

What are the main provisions?

Key points include:

  • Easier Tax Deductions: The act removes temporary limits, potentially increasing the amount you can deduct for personal property losses, like those from crumbling foundations.
  • Extended Refund Claim Period: For losses incurred in 2017, individuals will have more time to file a claim for a tax credit or refund.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Blumenthal, Richard [D-CT].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Real Estate