Washington, May 4 -- Representative Jimmy Panetta issued the following press release:
U.S. Representatives Jimmy Panetta (CA-19), Greg Steube (FL-17), and Mike Thompson (CA-04) announced that the House of Representatives has passed the Doug LaMalfa Federal Disaster Tax Relief Certainty Act. The legislation would extend current law to deliver critical tax relief to Americans impacted by federally declared natural disasters.
Under this legislation, victims would more easily be able to deduct qualified casualty losses for federally declared disasters between July 4, 2025, and December 31, 2026. It also ensures certain disaster relief payments are not treated as taxable income. These provisions would ensure disaster victims are not penalized ...