Tax Relief for Victims of Crimes, Scams, and Disasters Act

The bill would reinstate the federal income tax deduction for personal casualty losses—such as those from crimes, scams, or disasters—that was suspended by the 2017 Tax Cuts and Jobs Act. It would allow taxpayers to claim this deduction for taxable years beginning after December 31, 2017, and extend the deadline to file amended returns or claims for refunds for eligible losses incurred before January 1, 2025, until the tax filing deadline for the year the bill is enacted. The relief is limited to losses from personal casualty events as defined in the Internal Revenue Code and does not apply to business or other non-personal losses.

No official summary is available here. This one was written by AI from the bill’s text.