To amend the Internal Revenue Code of 1986 to repeal the limitation on deductions for personal casualty losses.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill repeals the limitation on personal casualty loss deductions that restricts them to federally declared disasters, restoring the ability for taxpayers to deduct losses from any qualifying casualty event (fires, storms. It relies on tax deductions. The main policy areas are Taxation and Finance.
Who Benefits and How
Homeowners and property owners claiming casualty loss deductions could gain revenue opportunities, Homeowners in disaster-prone areas (wildfires, floods, hurricanes) without federal declarations could see lower costs, and Victims of theft and property damage in non-federally-declared events could see lower costs.
Who Bears the Burden and How
U.S. Treasury and federal government could lose revenue opportunities.
Key Provisions
- Repeals the limitation on personal casualty loss deductions that restricts them to federally declared disasters, restoring the ability for taxpayers to deduct losses from any qualifying casualty event (fires, storms...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill repeals the limitation on personal casualty loss deductions that restricts them to federally declared disasters, restoring the ability for taxpayers to deduct losses from any qualifying casualty event (fires, storms.
Key Policy Areas
Taxation, Finance
Primary Purpose
The bill repeals the limitation on personal casualty loss deductions that restricts them to federally declared disasters, restoring the ability for taxpayers to deduct losses from any qualifying casualty event (fires, storms.
Policy Domains
Section 1 - Short Title
Identified Gains
- Homeowners and property owners claiming casualty loss deductions
- Homeowners in disaster-prone areas (wildfires, floods, hurricanes) without federal declarations
- Victims of theft and property damage in non-federally-declared events
- Tax preparation and accounting services
Identified Costs
- U.S. Treasury and federal government
Legislative Progress
IntroducedMs. Brownley introduced the following bill; which was referred to …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Homeowners and property owners claiming casualty loss deductions, Victims of theft and property damage in non-federally-declared events
Homeowners in disaster-prone areas (wildfires, floods, hurricanes) without federal declarations
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "irs"
- → Internal Revenue Service
- "the_secretary"
- → Secretary of the Treasury
Key Definitions
Terms defined in this bill
The section governing personal casualty loss deductions, which currently contains paragraph (5) limiting such deductions to federally declared disasters
The provision being repealed, which limits personal casualty loss deductions to losses attributable to federally declared disasters (added by Tax Cuts and Jobs Act of 2017)
Losses of personal property from fire, storm, shipwreck, theft, or other casualty that are deductible from federal income tax
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology