Search Results: keywords:"personal casualty losses"

  • H. R. 10203 — To provide tax relief for damages relating to Hurricanes Helene and Milton.
    💰
    Status:Introduced in House
    Words:4,192

    H. R. 10203, also known as the "Hurricane Helene and Milton Tax Relief Act of 2024," aims to provide specific tax relief to people affected by Hurricanes Helene and Milton. The bill allows individuals in disaster areas to calculate their earned income tax credit based on...

    Simple Explanation

    H. R. 10203 is a plan to help people who were affected by two big storms, Hurricane Helene and Hurricane Milton, by letting them pay less in taxes. It allows them to use last year's income to get more money back from taxes, give more to help others without paying extra taxes, and use their savings for emergencies without any penalties.

  • H. R. 5863 — An Act To provide tax relief with respect to certain Federal disasters.
    Status:Referred in Senate
    Words:871

    H.R. 5863, titled the “Federal Disaster Tax Relief Act of 2023,” aims to provide tax relief related to specific federal disasters. The bill extends rules for handling personal financial losses due to disasters and allows individuals to exclude from taxable income certain...

    Simple Explanation

    H.R. 5863 is a plan to help people save money on their taxes after certain big disasters like wildfires or accidents, so they don’t have to pay taxes on some of the help they get if they aren’t already covered by insurance.

  • S. 3678 — To amend the Internal Revenue Code of 1986 to extend the time during which a qualified disaster may have occurred for purposes of the special rules for personal casualty losses.
    Status:Introduced in Senate
    Words:230

    S. 3678 aims to amend the Internal Revenue Code of 1986 by extending the time frame for recognizing a qualified disaster when applying special rules for personal casualty losses. This extension will modify provisions from the Taxpayer Certainty and Disaster Tax Relief Act of...

    Simple Explanation

    S. 3678 is a plan to give people more time to claim help from the government for things they lost in big emergencies or disasters. It changes some old rules to make it easier for people to get money back if their stuff was damaged.

  • H. R. 5863 — To provide tax relief with respect to certain Federal disasters.
    Status:Reported in House
    Words:1,094

    H.R. 5863, known as the "Federal Disaster Tax Relief Act of 2023," aims to provide tax relief connected to certain federal disasters. The bill proposes extending tax rules for personal casualty losses, allowing people affected by specific disasters like wildfires to exclude certain relief...

    Simple Explanation

    H.R. 5863 is a law that helps people affected by big disasters, like fires or a train accident, by letting them keep more of their money. It says some of the money they get for help doesn't count as income, so they don't have to pay taxes on it.