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Tax Fairness for Disaster Victims Act

Source: Congress.gov  ·  970 words in original text
This bill lets people affected by federally declared disasters adjust their tax credits (financial breaks from the government) based on their earnings from the previous year instead of the disaster year. This helps disaster victims get larger tax credits if the disaster reduced their income. The bill is called the "Tax Fairness for Disaster Victims Act."
Individuals who lived in a disaster area when a federally declared disaster occurred and saw their earned income drop during that year. Married couples filing joint tax returns where at least one spouse lived in the disaster area.
• People affected by federally declared disasters can choose to use their earnings from the year before the disaster to calculate certain tax credits instead of using their reduced earnings from the disaster year (Sec. 2(a)(1)(A)). • If someone's Social Security taxes (money withheld from paychecks for Social Security) dropped during the disaster year, they can use their Social Security taxes from the previous year to calculate one specific tax credit (Sec. 2(a)(1)(B)). • On joint tax returns, this rule applies if either spouse is a qualified disaster victim, and both spouses' earnings and Social Security taxes from the previous year are added together (Sec. 2(a)(3)). • The IRS will treat incorrect use of earnings or Social Security taxes under this rule the same way it treats math or clerical errors on tax forms (Sec. 6213(g)(2)(W)).
If this becomes law, disaster victims will be able to calculate certain tax credits using the year before the disaster happened instead of the disaster year, potentially resulting in larger tax refunds or credits. The IRS will accept corrections to these calculations without penalty.
• **Qualified individual:** A person whose home on the first day of a federally declared disaster was in the disaster area. • **Applicable date:** The first day of the time period that the Federal Emergency Management Agency says the disaster occurred. • **Federally declared disaster:** Has the same meaning given in the tax code's section about casualty losses (Sec. 165(i)(5)). • **Social Security taxes:** The tax amount defined elsewhere in the tax code (Sec. 24(d)(2)).
This law applies to tax years that begin after the date the bill becomes law (Sec. 2(c)).
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 or a qualified attorney for legal matters.