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Senate Bill 1027
117th Congress(2021-2022)
Tax Assistance for Crumbling Foundations Act
Introduced
Introduced
Introduced in Senate on Mar 25, 2021
Overview
Text
Introduced in Senate 
Mar 25, 2021
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Introduced in Senate(Mar 25, 2021)
Mar 25, 2021
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Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 1027 (Introduced-in-Senate)


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.