Tax Relief for Fraud Victims Act
Rep. Miller and Rep. Suozzi Introduce Bill to Restore Tax Deductions for Fraud Victims
The Tax Relief for Fraud Victims Act is currently in the early stages of the legislative process. It was recently introduced and sent to the House Committee on Ways and Means for review. There are no upcoming votes scheduled at this time.
Legislative Progress
The bill has support from both parties, which is a good sign. However, it was just introduced and must pass through a difficult committee process before it can be voted on by the full House.
Key Points
Impact Analysis
Personal Impact
Life & Work
Homeowners benefit in two ways. First, the repeal of the disaster-only limitation on casualty loss deductions means homeowners can once again deduct losses from events like theft, vandalism, or non-disaster property damage. Second, homeowners with pyrrhotite-damaged foundations (mostly in Connecticut) can claim retroactive deductions going back to 2021, potentially recovering thousands of dollars in repair costs through tax relief.
“any personal casualty loss (as defined in section 165(h)(3)(B) of the Internal Revenue Code of 1986) arising in connection with damage to a principal residence (within the meaning of section 121 of such Code) by reason of deterioration of a concrete foundation adversely impacted by pyrrhotite.”
Programs
State Impacts
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Tax Relief for Fraud Victims Act
Data Sources
Sponsor
Cosponsors
(1)Analysis generated by AI. Always verify with official sources.