WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Richard Blumenthal (D-CT), Chris Murphy (D-CT), Ed Markey (D-MA), and Elizabeth Warren (D-MA) introduced the bicameral Casualty Loss Deduction Restoration Act to restore the federal casualty loss deduction for all taxpayers with a casualty loss—not just those who had received a federal disaster declaration.
“Louisiana knows storms and natural disasters all too well,” said Dr. Cassidy. “The federal government should bounce people back to their feet not stick them to the ground like flypaper. This bill provides tax relief no matter the storm.”
“This bill is about simple justice and fairness to families whose crumbling foundations are decimating not only their homes, but their security and financial foundations. This initiative would provide relief to all who have suffered damage, enabling them to deduct losses from federal income taxes. We know that disasters can strike at any time and aren’t just limited to big events like tornadoes or hurricanes. Our bill is a commonsense and practical measure that will provide some financial relief to all Americans suffering from the devastating consequences of events outside of their control,” said Senator Blumenthal.
Companion legislation was introduced in the House of Representatives by U.S. Representatives Joe Cortney (D-CT-02), John Larson (D-CT-01), Dan Crenshaw (R-TX-02), Rep. Mike Rogers (R-AL-03), and Julia Brownley (D-CA-26).