A bill in Congress would lift limits on tax relief for disaster victims. The Casualty Loss Deduction Restoration Act has support from both parties in the U.S. House and Senate, plus the accounting profession. If passed, it would repeal a temporary provision of the Tax Cuts and Jobs Act. Reps. Dan Crenshaw (R-TX) and Joe Courtney (D-CT) said in a press release that the law curtailed tax relief by limiting its use to cases of presidentially declared disasters. As a result, “many have been left with exorbitant costs” after a disaster, said Courtney. This bill doesn’t change the basic deduction but would allow more taxpayers to benefit from it. Here’s the press release: https://bit.ly/3Y0ZTqw
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