Washington, DC – Today, Congresswoman Julia Brownley (D-CA) announced the reintroduction of the Protecting Homeowners from Disaster Act, which would restore the tax deduction for uninsured property and casualty losses eliminated by the Republicans’ 2017 tax overhaul.
“Communities like Ventura County and Los Angeles County, like many others, know all too well the devastation caused by disasters – both natural and man-made,” said Congresswoman Brownley. “Whether it’s a wildfire that destroys a family’s home, a flood that wipes out a small business, or a burglary that robs someone of their belongings, these unforeseen tragedies can leave families and small businesses with overwhelming financial and emotional burdens.
“When property is destroyed – whether by fire, flood, or fraud – far too many individuals and businesses are left without the support they need to recover, as they often find themselves uninsured or underinsured. The 2017 Republican Tax Scam unfairly limited a crucial deduction to only those impacted by Presidentially-declared disasters, leaving countless families without the help they need.
“The federal tax code should not penalize those who experience hardship outside of major declared disasters. Instead, it should help all families rebuild. This bill will restore the tax deduction for uninsured property and casualty losses, offering relief to those affected by a wide range of disasters.”
The Protecting Homeowners from Disaster Act will reinstate the tax deduction for uninsured property and casualty losses, which the harmful and misguided 2017 Republican tax legislation. This legislation ensures that all homeowners and businesses struggling to recover from unexpected losses will have access to the support they need, regardless of the nature of the event or its declaration status.
As our communities continue to face the growing risks of wildfires, floods, and financial fraud, this bill will ensure that the tax code works for, not against, those working to rebuild their lives and livelihoods.
Read the full text of the bill here.
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Issues: 119th Congress, Disaster Relief, Tax Policy