Proposed legislation in the U.S. House would, if enacted, restore the tax deduction for certain property and casualty losses that the Tax Cuts and Jobs Act eliminated through 2025. Julia Brownley (D-CA) introduced the Protecting Homeowners from Disaster Act on Jan. 12, 2023. It would enable uninsured disaster victims to deduct losses even if those losses weren’t caused by a Presidentially declared disaster. Brownley cited recent fires, floods, mudslides and other calamities that have destroyed homes and businesses in California. She previously introduced this bill in June 2019 and April 2021. Will the third time be the charm? Stay tuned.
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