[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3976 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 3976

 To amend the Internal Revenue Code of 1986 to reinstate the deduction 
  for personal casualty losses as in effect prior to the enactment of 
  Public Law 115-97 (commonly referred to as the ``Tax Cuts and Jobs 
                                Act'').


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                   IN THE SENATE OF THE UNITED STATES

                             March 19, 2024

Ms. Baldwin (for herself and Mr. Welch) 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 reinstate the deduction 
  for personal casualty losses as in effect prior to the enactment of 
  Public Law 115-97 (commonly referred to as the ``Tax Cuts and Jobs 
                                Act'').

    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 Relief for Victims of Crimes, 
Scams, and Disasters Act''.

SEC. 2. REINSTATEMENT OF DEDUCTION FOR PERSONAL CASUALTY LOSS.

    (a) In General.--Section 165(h) of the Internal Revenue Code of 
1986 is amended by striking paragraph (5).
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2017.

SEC. 3. EXTENSION OF AMENDED RETURN WINDOW FOR PERSONAL CASUALTY LOSS.

    (a) In General.--In the case of a taxpayer who filed a return for a 
taxable year ending before January 1, 2022, with respect to which a 
deduction could have been taken by the taxpayer under section 165(h) of 
the Internal Revenue Code of 1986 but for the fact that such deduction 
was suspended at the time of filing--
            (1) the period of limitation prescribed by section 6511(a) 
        of such Code for any such taxable year shall be extended until 
        the date prescribed by law (including extensions) for filing 
        the return of tax for the taxable year that includes the date 
        of the enactment of this Act; and
            (2) section 6511(b)(2) of such Code shall not apply to any 
        claim of credit or refund with respect to such return.
    (b) Extension Restricted to Casualty Loss Deduction.--Subsection 
(a) shall apply only with respect to amendments to the return of tax 
and claims for credit or refund of a taxpayer to the extent such 
amendments or claims relate to the deduction for casualty losses under 
section 165(h) of the Internal Revenue Code of 1986.
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