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US SB2744
Bill
AI Summary
- Allows individuals to deduct personal casualty losses from federally declared major disasters occurring between July 5, 2025 and December 31, 2026, without meeting the standard 10% adjusted gross income threshold
- Reduces the per-casualty floor from $500 to $100 for qualified disaster losses and adds a "disaster loss deduction" that can be claimed in addition to the standard deduction
- Excludes qualified disaster losses from alternative minimum tax calculations
- Excludes from gross income compensation received for wildfire-related losses, expenses, damages, lost wages, personal injury, death, or emotional distress for federally declared wildfire disasters after December 31, 2014
- Wildfire relief payment exclusion applies to payments received in taxable years 2026 through 2030, and prevents double benefits by disallowing deductions or basis increases for excluded amounts
Legislative Description
Federal Disaster Tax Relief Act of 2025
Taxation
Last Action
Read twice and referred to the Committee on Finance.
9/9/2025
Committee Referrals
Finance9/9/2025
Full Bill Text
No bill text available