H.R. 318 — Introduced in House

I 118th CONGRESS 1st Session H. R. 318 IN THE HOUSE OF REPRESENTATIVES January 12, 2023Ms. Brownley introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to repeal the limitation on deductions for personal casualty losses. 1. Short title This Act may be cited as the Protecting Homeowners from Disaster Act of 2023. 2. Repeal of limitation on deduction for personal casualty losses (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 losses sustained in taxable years beginning after December 31, 2022.