Casualty Loss Deduction Restoration Act

1/11/2024, 8:30 AM

Summary of Bill HR 4539

Bill 118 HR 4539, also known as the Casualty Loss Deduction Restoration Act, is a piece of legislation introduced in the US Congress. The purpose of this bill is to restore the casualty loss deduction that was previously available to taxpayers who suffered losses due to events such as natural disasters, theft, or accidents.

The casualty loss deduction allows taxpayers to deduct a portion of their losses that are not covered by insurance from their taxable income. This deduction was limited by the Tax Cuts and Jobs Act of 2017, which only allowed taxpayers to claim the deduction if their losses exceeded 10% of their adjusted gross income.

The Casualty Loss Deduction Restoration Act seeks to repeal this limitation and allow taxpayers to claim the deduction for losses that exceed $500. This would provide much-needed relief to individuals and families who have suffered significant financial losses due to unforeseen events. The bill has received bipartisan support in Congress, with lawmakers recognizing the importance of providing assistance to those who have been affected by disasters and other unfortunate circumstances. Supporters of the bill argue that restoring the casualty loss deduction will help individuals and communities recover more quickly and rebuild their lives. Overall, the Casualty Loss Deduction Restoration Act aims to provide financial relief to taxpayers who have experienced losses beyond their control and restore a valuable deduction that can help alleviate some of the financial burden associated with these losses.

Congressional Summary of HR 4539

Casualty Loss Deduction Restoration Act

This bill eliminates the suspension period (2018 through 2025) for the tax deduction for personal casualty lossess and increases from $10,000 to $50,000 the limitation on allowable amount of the deduction.

Read the Full Bill

Formatted TextPDFFormatted XML

Current Status of Bill HR 4539

Bill HR 4539 is currently in the status of Bill Introduced since July 11, 2023. Bill HR 4539 was introduced during Congress 118 and was introduced to the House on July 11, 2023.  Bill HR 4539's most recent activity was Referred to the House Committee on Ways and Means. as of July 11, 2023

Bipartisan Support of Bill HR 4539

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
14
Democrat Cosponsors
8
Republican Cosponsors
6
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 4539

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 4539

Casualty Loss Deduction Restoration ActCasualty Loss Deduction Restoration ActTo amend the Internal Revenue Code of 1986 to repeal the temporary limitation on personal casualty losses.
Start holding our government accountable!

Comments

Sponsors and Cosponsors of HR 4539

R
Joe Courtney
Connecticut(Democrat)
R
Jamie Raskin
Maryland(Democrat)
R
Mike Rogers
Alabama(Republican)
R
James C. Moylan
Guam(Republican)
R
James P. McGovern
Massachusetts(Democrat)
R
John B. Larson
Connecticut(Democrat)

Latest Bills

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Environmental Protection Agency relating to "Review of Final Rule Reclassification of Major Sources as Area Sources Under Section 112 of the Clean Air Act".
Bill HJRES 79April 8, 2025
Medicare Dental, Vision, and Hearing Benefit Act of 2025
Bill HR 2045April 8, 2025
Lactation Spaces for Veteran Moms Act
Bill HR 1646April 8, 2025
DMEPOS Relief Act of 2025
Bill HR 2005April 8, 2025
Physicians for Underserved Areas Act
Bill S 1044April 8, 2025
NICS Data Reporting Act
Bill HR 2267April 8, 2025
Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions"; providing for consideration of the joint resolution (S.J. Res. 28) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications"; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.
Bill HRES 294April 8, 2025
Providing for consideration of the joint resolution (H.J. Res. 25) providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales"; providing for consideration of the bill (H.R. 1156) to amend the CARES Act to extend the statute of limitations for fraud under certain unemployment programs, and for other purposes; providing for consideration of the bill (H.R. 1968) making further continuing appropriations and other extensions for the fiscal year ending September 30, 2025, and for other purposes; and for other purposes.
Bill HRES 211April 8, 2025
SAVE Act
Bill HR 22April 8, 2025
A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
Bill SJRES 18April 8, 2025
Casualty Loss Deduction Restoration Act
Bill S 2236March 13, 2024