Sec. 70109. Extension and modification of limitation on casualty loss deduction
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Section 165(h)(5) is amended— in subparagraph (A), by striking , and before January 1, 2026 , and by striking in the heading and inserting 2018 through 2025 . beginning after 2017 Subparagraph
(A)of section 165(h)(5), as amended by subsection (a), is further amended by striking (i)(5)) and inserting (i)(5)) or a State declared disaster . Clause
(i)of section 165(h)(5)(B) is amended by striking (as so defined) and inserting (as so defined) or a State declared disaster . Paragraph
(5)of section 165(h) is amended by adding at the end the following new subparagraph: For purposes of this paragraph— The term State declared disaster means, with respect to any State, any natural catastrophe (including any hurricane, tornado, storm, high water, wind-driven water, tidal wave, tsunami, earthquake, volcanic eruption, landslide, mudslide, snowstorm, or drought), or, regardless of cause, any fire, flood, or explosion, in any part of the State, which in the determination of the Governor of such State (or the Mayor, in the case of the District of Columbia) and the Secretary causes damage of sufficient severity and magnitude to warrant the application of the rules of this section. The term State includes the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands. . The amendments made by this section shall apply to taxable years beginning after December 31, 2025.