House Bill H.R. 5863 was introduced to the U.S. House of Representatives by Representative Donald Norcross (D-NJ) on December 6th, 2023. It is titled the “Federal Disaster Tax Relief Act of 2023” and aims to establish tax relief for individuals and businesses affected by federally declared disasters.
The bill, if passed, will allow taxpayers the option to deduct certain disaster-related expenses on their federal income taxes. This includes expenses such as repairs to property, uninsured losses, and temporary housing costs incurred as a result of a federally declared natural disaster. The deduction can be claimed on the taxpayer’s federal income tax return for the year in which the disaster occurred or the subsequent year.
This bill was introduced in response to the devastating impacts of natural disasters in recent years, such as hurricanes, floods, and wildfires. These events have resulted in significant financial burdens for individuals and businesses in affected areas. The Federal Disaster Tax Relief Act seeks to alleviate some of these burdens by providing tax relief to those impacted by federally declared disasters.
It is important to note that the bill is currently in its early stages and has yet to be scheduled for a vote by the full House of Representatives. The legislative process can be lengthy and uncertain, so it is not possible to predict when or if the bill will become law.
However, the introduction of the Federal Disaster Tax Relief Act signals a recognition of the need for tax relief for disaster victims and may lead to further discussion and action on this important issue.
H.R. 5863 (ENR) – Federal Disaster Tax Relief Act of 2023
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