U.S. House Passes Steube Legislation to Provide Disaster Tax Relief for Florida Hurricane Victims
Legislation Provides Tax Relief for 45 States Hit By Disasters
WASHINGTON — The U.S. House of Representatives today passed The Tax Relief for American Families and Workers Act, a bipartisan package which includes legislation sponsored by Rep. Greg Steube (R-Fla.), The Federal Disaster Tax Relief Act.
Rep. Steube’s legislation ensures that Americans harmed by recent hurricanes, wildfires, floods, and the train derailment in Ohio will receive long-awaited relief.
“The Tax Relief for American Families and Workers Act delivers many wins for our economy, small businesses, workers, and American competitiveness. Most importantly for Floridians, the legislation provides much-needed disaster tax relief for victims of recent hurricanes, including those impacted financially by Hurricane Ian,” said Rep. Steube. “After monstrous Hurricane Ian devastated Florida’s Suncoast, I promised Floridians that I would fight as long as it takes to ensure recovery. Today, I’m glad to see the House finally do its job and pass my bill to provide disaster tax relief to Americans in 45 states. I urge swift passage in the Senate and I expect the President to sign the package into law.”
The National Oceanic and Atmospheric Administration ranks Hurricane Ian as the third-most costly hurricane in U.S. history. The legislation designates that Hurricane Ian and other hurricanes including Hurricane Idalia, Hurricane Nicole, and Hurricane Fiona, should be treated as qualified disaster events for purposes of determining the tax treatment of certain disaster-related personal casualty losses. The legislation would allow Americans who were subjected to damages from hurricanes 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.
Additionally, the bill excludes from taxpayer gross income, for income tax purposes, any amount received by an individual taxpayer as compensation for expenses or losses incurred due to a qualified wildfire disaster (a disaster declared after 2014 as a result of a forest or range fire). It also excludes relief payments for losses resulting from the East Palestine, Ohio, train derailment on February 3, 2023.
Since 2021, the Federal Emergency Management Agency (FEMA) has declared over 300 disasters impacting nearly 90 percent of the country. 45 states have experienced a covered disaster since 2021.
Background
- Steube Legislation to Provide Disaster Tax Relief Advances Out of Ways and Means Committee
- STEUBE: One year after Hurricane Ian, the Suncoast still needs help. Congress must step up.
- Rep. Greg Steube Introduces Legislation to Provide Income Tax Relief for Americans Recovering from Hurricane Ian, Legislation Designates Hurricane Ian as a Qualified Disaster
About the Tax Relief for American Families and Workers Act
The Tax Relief for American Families and Workers Act will help American job creators stay competitive, allows Main Street businesses to survive and grow, and gives tax relief to working families struggling under the weight of elevated prices and interest rates. The legislation restores and expands proven tax policies from the 2017 GOP tax reform that supported hardworking American families and made the economy more successful and productive, grew workers’ wages, and spurred job creation and greater investment in America. Communities hit hard by natural disasters will get much-needed tax relief, while small businesses will be able to immediately expense the cost of equipment and tools needed to grow and create new jobs.
