Florida lawmaker introduces new bill for hurricane tax relief
NBC 2 – In the midst of tax season, Florida Representative Greg Steube just introduced a new bill that would give those recovering from Hurricane Ian some much-needed tax relief.
This would include the qualified disastrous parts of Southwest Florida for losses, big or small.
“You deal with these disasters, and you don’t think about the tax implications of them,” Rep. Greg Steube said.
Steube said he filed this bill during tax season because a CPA brought the issue to his attention.
“I filed a standalone bill that simply designates the areas affected by Hurricane Ian as qualified disaster areas,” Rep. Steube said. “What that does is, it allows anybody, even if you don’t do itemized deductions, any expense that you had, even if you had the expense of your deductible on your insurance… you can deduct that based on the percent of what you pay on your taxes.”
Right now, the IRS allows you to deduct damages, but then you are required to subtract 10% of your income when filing. Steube hopes to have things done very soon.
We should pass this in the house by the end of the month,” Steube said. “It’ll go to the Senate. Senator Scott is working on a companion piece of legislation. We hope to have it on Biden’s desk very soon.”