Washington, Sept. 17 -- Representative Jimmy Panetta issued the following press release:
United States Representatives Jimmy Panetta (CA-19), Jamie Raskin (MD-08), and Jim McGovern (MA-02) announced that the U.S. House of Representatives passed key provisions of a bill (https://raskin.house.gov/press-releases?ContentRecord_id=A1496DDA-3DDE-4F7D-A9F8-CD24E9238E93) they led to provide tax relief to Americans who fall victim to financial scams or natural disasters. The provisions were passed as part of the Tax Relief for Fraud Victims Act.
The proposal eliminates the "scam tax" which taxes Americans on income or assets stolen from them, even if they no longer possess those funds, by reinstating the Nonbusiness Casualty and Theft Loss Deducti...