ICYMI: Rep. Greg Steube’s Op-Ed Highlights Tax Relief as a Major Win for Florida Disaster Victims
SARASOTA HERALD TRIBUNE — U.S. Representative Greg Steube (R-Fla.) penned an opinion piece in the Sarasota Herald-Tribune highlighting the passage of his Federal Disaster Tax Relief Act and its transformative impact for Floridians affected by recent hurricanes. Read the opinion piece below and in the Sarasota Herald Tribune.
Florida’s Suncoast has endured unimaginable hardships over the past two years.
From the catastrophic landfall of Hurricane Ian in September 2022 to the destruction brought by hurricanes Debby, Helene and Milton this season, our communities have been put to the ultimate test.
Yet time and again Floridians have shown incredible resilience rebuilding homes, businesses and neighborhoods – and always staying prepared for the next storm.
As your representative, I’ve fought relentlessly to ensure that our communities have the resources they need to recover and rebuild. I’m pleased to announce that I’ve secured a long-awaited victory: Last month President Joe Biden signed my bill H.R.5863 – the Federal Disaster Tax Relief Act – into law.
This bipartisan legislation extends tax relief to cover all presidentially declared disasters since December 2020, including hurricanes Milton, Helene, Debby, Ian, Idalia, Nicole and Fiona. It also includes relief for victims of tornadoes, wildfires and floods – which will ensure that more disaster survivors can benefit from immediate financial relief.
This new law provides much-needed help for families recovering from federally declared disasters. It eliminates the 10% Adjusted Gross Income threshold that once restricted relief to only those with extensive damages. Now families can claim more of their losses and begin rebuilding their lives sooner.
Additionally, civil settlements awarded to disaster victims are now tax-free, allowing families to retain the full value of their compensation without the added burden of taxation.
After years of delays and unnecessary political roadblocks and gamesmanship, disaster victims can finally access the disaster tax relief they desperately need and deserve.
While this victory is a significant step forward, it is only the beginning.
Disaster relief has always operated under a dysfunctional system, forcing families to wait for Congress to act after falling victim to a disaster through no fault of their own.
As a member of the tax-writing House Ways and Means Committee, I will fight to make these reforms permanent and automatic so that disaster survivors never again have to wait for Congress to do its job.
If you were impacted by any of the storms in Florida since 2021, I encourage you to take advantage of this new law by claiming your tax deductions. You should work with a tax professional to ensure you take full advantage of the benefits now available.
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, while those impacted by the 2024 storms can claim those losses when filing their 2024 taxes this year.
Visit www.steube.house.gov/taxrelief/ for more information.
