The bill H. R. 481, introduced in the 119th Congress, aims to modify the Internal Revenue Code of 1986 by removing the restrictions on deductions for personal casualty losses. It proposes to eliminate paragraph (5) in Section 165(h) of the Code, thereby allowing individuals...
Simple Explanation
The bill wants to change a rule so people can get money back from the government when their things get damaged or lost in a bad event, like a fire or storm, without many limits. This rule will help more starting in 2025 and hopes to make it fairer for everyone who faces such troubles.