[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 1027 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                S. 1027

  To amend the Internal Revenue Code of 1986 to repeal the temporary 
    limitation on personal casualty losses, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                             March 25, 2021

 Mr. Blumenthal (for himself, Mr. Murphy, Mr. Markey, and Ms. Warren) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

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                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to repeal the temporary 
    limitation on personal casualty losses, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Tax Assistance for Crumbling 
Foundations Act''.

SEC. 2. REPEAL OF TEMPORARY LIMITATION ON PERSONAL CASUALTY LOSSES.

    (a) In General.--Section 165(h) of the Internal Revenue Code of 
1986 is amended by striking paragraph (5).
    (b) Conforming Amendment.--Section 6511 of such Code is amended by 
adding at the end the following new subsection:
    ``(j) Extension of Period of Limitation on Filing Claim in Certain 
Circumstances.--In the case of any credit or refund properly allocable 
to a deduction under section 165(h) for the first taxable year 
beginning in 2017, subsection (a) shall by applied by substituting `2 
years' with `3 years' in each place it appears, and `3 years' with `4 
years' in each place it appears.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to losses incurred in taxable years beginning after December 31, 
2017.
    (d) Regulations.--The Secretary of the Treasury (or the Secretary's 
delegate) shall issue such regulations or other guidance as are 
necessary to implement the amendments made by this section, including 
regulations or guidance consistent with Revenue Procedure 2017-60.
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