Protecting Homeowners from Disaster Act of 2025
2/12/2025, 10:53 AMSummary of Bill HR 481
Bill 119 HR 481, also known as the Personal Casualty Loss Deduction Repeal Act, aims to amend the Internal Revenue Code of 1986 by repealing the limitation on deductions for personal casualty losses.Currently, under the tax code, individuals are only able to deduct personal casualty losses if they exceed 10% of their adjusted gross income. This limitation has been in place for several years, but this bill seeks to remove that restriction, allowing individuals to deduct all personal casualty losses regardless of the percentage of their income.
The bill is intended to provide relief to individuals who have experienced significant financial losses due to unforeseen events such as natural disasters, accidents, or theft. By repealing the limitation on deductions for personal casualty losses, the bill aims to provide individuals with more financial flexibility and support during difficult times. Overall, Bill 119 HR 481 seeks to simplify the tax code and provide individuals with greater access to deductions for personal casualty losses. It is important to note that this bill is still in the early stages of the legislative process and may undergo changes before potentially becoming law.
Congressional Summary of HR 481
Protecting Homeowners from Disaster Act of 2025
This bill repeals the limit on the itemized tax deduction for unreimbursed personal casualty losses. Specifically, the bill repeals a provision that generally limits the deduction for tax years 2018-2025 to losses that are attributable to a federally declared disaster. The bill applies to losses sustained after 2024.
Current Status of Bill HR 481
Bill HR 481 is currently in the status of Bill Introduced since January 16, 2025. Bill HR 481 was introduced during Congress 119 and was introduced to the House on January 16, 2025. Bill HR 481's most recent activity was Referred to the House Committee on Ways and Means. as of January 16, 2025Bipartisan Support of Bill HR 481
Total Number of Sponsors
2Democrat Sponsors
2Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 481
Primary Policy Focus
Alternate Title(s) of Bill HR 481
To amend the Internal Revenue Code of 1986 to repeal the limitation on deductions for personal casualty losses.To amend the Internal Revenue Code of 1986 to repeal the limitation on deductions for personal casualty losses.Comments
Most relevant
Sponsors and Cosponsors of HR 481
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