Disaster relief on the way?

The Federal Disaster Tax Relief Act has unanimously passed the U.S. House of Representatives’ Ways and Means Committee and been sent to the House for a full vote. The federal tax relief package for disaster victims extends and builds upon prior legislation. According to Tom Barthold, chief of staff of the Joint Committee on Taxation, the bill “reinstates the above-the-line deduction for personal casualty losses” relating to certain disasters as previously enacted under the Taxpayer Certainty and Disaster Relief Act of 2020. It “extends this to cover disasters for the period Jan. 1, 2020, through 60 days after the date of enactment of this proposal.” Stay tuned for progress on the bill.