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| Dear Floridian:I’m excited to share that my bill, H.R. 5863, The Federal Disaster Tax Relief Act, has finally been signed into law! If you were impacted by recent hurricanes, you can now claim disaster-related losses more easily—whether you itemize your taxes or not. Settlements for disaster victims are now tax-free, and the burdensome 10% AGI threshold has been eliminated.WATCH REP. STEUBE’S VIDEO MESSAGEI will never stop working for Floridians and fighting to ensure our communities come back stronger and more resilient than ever. Please view more information below, and on my website, STEUBE.HOUSE.GOV/TAXRELIEF.Covered Storms In Florida, the new law covers Hurricanes: Ian, Milton, Helene, Debby, Idalia and Nicole. The legislation covers all Presidentially-declared disasters occurring since the last time Congress passed qualified disaster loss legislation (Dec. 2020). About the Legislation My legislation provides long-awaited tax relief for Americans harmed by recent hurricanes, wildfires, floods, tornadoes, and the train derailment in Ohio by extending the rules for the treatment of certain disaster-related personal casualty losses previously passed in the Taxpayer Certainty and Disaster Tax Relief Act of 2020. This is a precedented action for Congress to take. Congress declared past disasters such as Hurricane Harvey, Tropical Storm Harvey, Hurricane Irma, Hurricane Maria, and the California wildfires in 2017 and January 2018 as qualified disasters. The new law allows Americans who were subjected to damages from hurricanes and other federally declared disasters to claim such losses without itemizing such deductions. Moreover, such losses would not have to exceed 10% of a claimant’s adjusted gross income to qualify. Since 2021, the Federal Emergency Management Agency (FEMA) has declared over 300 disasters impacting nearly 90 percent of the country. 47 states have experienced a covered disaster since 2021. How to Take Advantage of the New Law Please contact your tax preparer or accounting professional for guidance. My office cannot provide you with tax advice. Generally, Floridians will be able to claim disaster-related losses for the 2024 hurricane season when filing their 2024 taxes in early 2025. Generally, Floridians who need to retroactively claim disaster-related losses for the 2021, 2022, and/or 2023 tax years will need to file an amended return for that year.Please be sure to subscribe to my weekly e-mail newsletter to receive the most updated resources and information. SUBSCRIBE HEREIt’s an honor to serve you,  Congressman Greg Steube |
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