Protecting Homeowners from Disaster Act of 2025

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.