Tax Assistance for Crumbling Foundations Act

Bill: 117-s-1027
Sponsor: full_name: Sen. Blumenthal, Richard [D-CT]
Introduced: 2021-03-25
Policy area: Taxation
Subjects: Income tax deductions

Life, casualty, property insurance

Tax administration and collection, taxpayers
Latest action: action_date: 2021-03-25
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2021-03-25
action_desc: Introduced in Senate
text: <p><strong></strong><b>Tax Assistance for Crumbling Foundations Act</b></p> <p>This bill repeals the tax rule in effect through 2025 that limits the deduction for personal casualty losses to losses attributable to a federally declared disaster. </p>

tv_txt: II 117th CONGRESS 1st Session S. 1027 IN THE SENATE OF THE UNITED STATES March 25, 2021 Mr. Blumenthal (for himself, Mr. Murphy , Mr. Markey , and Ms. Warren ) 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 repeal the temporary limitation on personal casualty losses, and for other purposes.

1. Short title This Act may be cited as the Tax Assistance for Crumbling Foundations Act . 2. Repeal of temporary limitation on personal casualty losses (a) In general Section 165(h) of the Internal Revenue Code of 1986 is amended by striking paragraph (5). (b) Conforming amendment Section 6511 of such Code is amended by adding at the end the following new subsection: (j) Extension of period of limitation on filing claim in certain circumstances In the case of any credit or refund properly allocable to a deduction under section 165(h) for the first taxable year beginning in 2017, subsection (a) shall by applied by substituting 2 years with 3 years in each place it appears, and 3 years with 4 years in each place it appears. . (c) Effective date The amendments made by this section shall apply to losses incurred in taxable years beginning after December 31, 2017. (d) Regulations The Secretary of the Treasury (or the Secretary’s delegate) shall issue such regulations or other guidance as are necessary to implement the amendments made by this section, including regulations or guidance consistent with Revenue Procedure 2017–60.