118th Congress · SENATE BILLBILL

S. 3976 — Tax Relief for Victims of Crimes, Scams, and Disasters Act

“A bill to amend the Internal Revenue Code of 1986 to reinstate the deduction for personal casualty losses as in effect prior to the enactment of Public Law 115-97 (commonly referred to as the "Tax Cuts and Jobs Act").”

Taxation

Introduced Mar 19, 2024

Last action Mar 19, 2024

Pipeline · Bill → Law

Step 1

Introduced

Mar 19, 2024

Step 2

Referred

Mar 19, 2024

Finance

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill reinstates the tax deduction for certain personal casualty losses (e.g., resulting from crimes, scams, natural disasters) by eliminating the suspension period (2018-2025) on such deduction. The bill also extends the period for filing an amended return for claiming personal casualty losses.

Provisions · 3 sectionsIntroduced in Senate

Timeline · 2 actions

Mar 19, 2024

Introduced in Senate

Mar 19, 2024

Read twice and referred to the Committee on Finance.