A bill to 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.

Bill: 117-s-5257
Sponsor: full_name: Sen. Cassidy, Bill [R-LA]
Introduced: 2022-12-14
Policy area: Taxation
Latest action: action_date: 2022-12-14
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2022-12-14
action_desc: Introduced in Senate
text: <p>This bill extends through December 31, 2023, the tax relief for individuals and businesses in presidentially-declared disaster areas declared on or after January 1, 2020.</p>

tv_txt: II 117th CONGRESS 2d Session S. 5257 IN THE SENATE OF THE UNITED STATES December 14, 2022 Mr. Cassidy (for himself and Mrs. Feinstein ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To 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.

1. Extension of definition of qualified disaster for purposes of personal casualty loss rules (a) In general Paragraph (3) of section 304(b) of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 is amended— (1) by striking this subsection, the term and inserting “this subsection— (A) In general The term , and (2) by adding at the end the following new subparagraph: (B) Extension For purposes of subparagraph (A), section 301(1)(A) shall be applied by substituting December 31, 2023 for the date which is 60 days after the date of the enactment of this Act . . (b) Effective date The amendments made by this section shall apply to areas with respect to which a major disaster was declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act on or after the date which is 60 days after the date of the enactment of the Taxpayer Certainty and Disaster Tax Relief Act of 2020.