U.S. Sen. Bill Cassidy (R-LA) recently unveiled legislation to support Louisiana residents impacted by Hurricane Ida, which in 2021 battered the state after making landfall as a Category 4 storm that became the nation’s second-most damaging and intense hurricane.
“When recovering from a disaster, every bit helps, and this is a big help,” Sen. Cassidy said. “This bill gives needed tax relief to those Hurricane Ida victims who are using their own money to recover their lives.”
Sen. Cassidy sponsored the bill, which would amend the Internal Revenue Code of 1986 to extend the time during which a qualified disaster may have occurred for purposes of the special rules for personal casualty losses, according to its text.
If enacted, the bill would allow Hurricane Ida victims to deduct disaster-related personal casualty losses from their gross income even after taking the standard deduction, according to a bill summary provided by Sen. Cassidy’s office.
The 10 percent floor for deductions allowed under current law also would be waived under the bill, which has not yet been published in the congressional record.
This is the same tax relief Sen. Cassidy secured in 2020 to help Hurricane Laura victims and in 2017 for Louisianans impacted by the Great Floods of 2016, according to the senator’s staff.
New bipartisan legislation offered by U.S. Sen. Susan Collins (R-ME) aims to reduce the medical…
U.S. Sens. Mike Rounds (R-SD) and Todd Young (R-IN), members of the Bipartisan Senate AI…
U.S. Rep. Andrew Garbarino (R-NY) sponsored a bipartisan bill that would support rescue, rehabilitation, reintroduction,…
U.S. Rep. August Pfluger (R-TX) on May 15 led a bipartisan bill that aims to…
The U.S. House Ways and Means Committee on May 15 voted unanimously to approve legislation…
U.S. Reps. Bryan Steil (R-WI) and Stephanie Bice (R-OK) this week offered legislation to bolster…
This website uses cookies.