Protecting Homeowners from Disaster Act of 2023
Source: Congress.gov ·
227 words in original text
What This Bill Does
This bill removes a limitation on how much money people can deduct from their taxes when they suffer a personal casualty loss (a loss to property caused by events like disasters). The bill applies to losses that happen starting after December 31, 2022.
Who It Affects
Taxpayers who experience personal casualty losses and claim deductions on their federal income taxes.
Key Provisions
• The bill removes paragraph 5 from Section 165(h) of the Internal Revenue Code of 1986, which currently limits personal casualty loss deductions (Sec. 2(a))
• The change applies to losses that occur in taxable years beginning after December 31, 2022 (Sec. 2(b))
What Changes
If this bill becomes law, people will no longer face the current limitation on deducting personal casualty losses from their taxes. The specific details of what limitation is removed are not explained in the bill text.
Important Definitions
None defined in bill text.
Effective Date
Losses sustained in taxable years beginning after December 31, 2022.
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
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