S. 1027 - Tax Assistance for Crumbling Foundations Act
S. 1027; Tax Assistance for Crumbling Foundations Act
- AuthorsBlumenthal, Sen. Richard
- Institutional AuthorsU.S. Senate
- Code Sections
- Subject Area/Tax Topics
- Industry GroupsInsurance
- Jurisdictions
- Tax Analysts Document Number2021-20062
- Tax Analysts Electronic Citation2021 TNTF 95-21
117TH CONGRESS
1ST SESSION
S. 1027
To amend the Internal Revenue Code of 1986
to repeal the temporary limitation on personal
casualty losses, and for other purposes.
IN THE SENATE OF THE UNITED STATES
MARCH 25, 2021
Mr. BLUMENTHAL (for himself, Mr. MURPHY, Mr. MARKEY,
and Ms. WARREN) introduced the following bill; which was read
twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to repeal the temporary limitation on personal casualty losses, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the "Tax Assistance for Crumbling Foundations Act".
SEC. 2. REPEAL OF TEMPORARY LIMITATION ON PERSONAL CASUALTY LOSSES.
(a) IN GENERAL. — Section 165(h) of the Internal Revenue Code of 1986 is amended by striking paragraph (5).
(b) CONFORMING AMENDMENT. — Section 6511 of such Code is amended by adding at the end the following new subsection:
"(j) EXTENSION OF PERIOD OF LIMITATION ON FILING CLAIM IN CERTAIN CIRCUMSTANCES. — In the case of any credit or refund properly allocable to a deduction under section 165(h) for the first taxable year beginning in 2017, subsection (a) shall by applied by substituting '2 years' with '3 years' in each place it appears, and '3 years' with '4 years' in each place it appears.".
(c) EFFECTIVE DATE. — The amendments made by this section shall apply to losses incurred in taxable years beginning after December 31, 2017.
(d) REGULATIONS. — The Secretary of the Treasury (or the Secretary's delegate) shall issue such regulations or other guidance as are necessary to implement the amendments made by this section, including regulations or guidance consistent with Revenue Procedure 2017–60.
- AuthorsBlumenthal, Sen. Richard
- Institutional AuthorsU.S. Senate
- Code Sections
- Subject Area/Tax Topics
- Industry GroupsInsurance
- Jurisdictions
- Tax Analysts Document Number2021-20062
- Tax Analysts Electronic Citation2021 TNTF 95-21