Florida Representative Greg Steube has introduced a bill that would provide Hurricane Ian tax relief to those still recovering.
Lawmaker introduces Hurricane Ian tax relief. (Photo: WFLA)
Hurricane Ian Tax Relief
The proposed legislation designates Hurricane Ian as a qualified disaster for the purposes of determining the tax treatment of certain disaster-related personal casualty losses, according to a recently published article in NBC2.
Steube explained that his bill, Hurricane Ian tax relief, aims to provide much-needed relief to taxpayers who are struggling to recover from Hurricane Ian, which has been ranked as the third most-costly Hurricane in U.S. history by the National Oceanic and Atmospheric Administration (NOAA). “It’s commonsense that Congress should pass my legislation to designate this horrific storm as a qualified disaster,” Steube said.
The bill would allow taxpayers in designated disaster areas to deduct expenses related to the storm from their taxes, even if they do not itemize their deductions. This includes any expenses related to their insurance deductible. Currently, the IRS allows taxpayers to deduct damages related to natural disasters, but they are required to subtract 10% of their income when filing.
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When the Hurricane Ian Tax Relief Will Pass the House?
Steube hopes to have the bill passed in the House by the end of the month and is working with Senator Scott on a companion piece of legislation for the Senate. He is optimistic that the bill will be on President Biden’s desk soon.
The Hurricane Ian tax relief bill comes at a critical time for those recovering from the disaster, as tax season is in full swing. The cost of recovery from the storm has been significant, and Steube hopes that the tax relief provided by his legislation will help alleviate some of the financial burdens on those affected.
“Through no fault of their own, Floridians and many other Americans in the Southeast U.S. are now on an expensive road to recovery following Hurricane Ian,” Steube said. “Congress must do its job and provide much-needed relief to taxpayers so that Floridians can fully recover from this storm and adequately prepare for the next.”
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