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Tax Relief for Victims: Restoring Personal Casualty Loss Deduction Retroactively.

This bill reinstates the ability to deduct personal losses resulting from crimes, scams, or disasters, a deduction that was suspended since 2018. This change allows citizens who suffered such losses to claim a tax benefit again. Crucially, the law extends the deadline for filing amended tax returns for previous years, giving victims more time to recover the tax relief they were previously denied.
Key points
Reinstatement of the tax deduction for personal casualty losses (e.g., property damage, theft) resulting from disasters, crimes, or scams.
The change is retroactive: the new rules apply to tax years beginning after December 31, 2017.
Extension of the window for filing amended tax returns for taxpayers who incurred losses between 2018 and 2021 to claim the restored deduction.
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Additional Information
Print number: 118_S_3976
Sponsor: Sen. Baldwin, Tammy [D-WI]
Process start date: 2024-03-19
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Tax Relief for Victims of Crimes, Scams, and Disasters Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3976.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-03-19.

What are the main provisions?

Key points include:

  • Reinstatement of the tax deduction for personal casualty losses (e.g., property damage, theft) resulting from disasters, crimes, or scams.
  • The change is retroactive: the new rules apply to tax years beginning after December 31, 2017.
  • Extension of the window for filing amended tax returns for taxpayers who incurred losses between 2018 and 2021 to claim the restored deduction.
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. Baldwin, Tammy [D-WI].

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 2025-12-26.

CATEGORIES

Taxes