West Florida News

The U.S. House of Representatives has passed The Tax Relief for American Families and Workers Act, a bipartisan package that includes legislation sponsored by Rep. Greg Steube (R-Fla.), called The Federal Disaster Tax Relief Act. This legislation aims to provide tax relief for Americans who have been affected by recent hurricanes, wildfires, floods, and other disasters.

In particular, Rep. Steube's legislation focuses on providing much-needed disaster tax relief for victims of recent hurricanes, including those financially impacted by Hurricane Ian. Rep. Steube stated, "After monstrous Hurricane Ian devastated Florida's Suncoast, I promised Floridians that I would fight as long as it takes to ensure recovery. Today, I'm glad to see the House finally do its job and pass my bill to provide disaster tax relief to Americans in 45 states."

The legislation designates Hurricane Ian, along with other hurricanes such as Hurricane Idalia, Hurricane Nicole, and Hurricane Fiona, as qualified disaster events for tax purposes. This means that individuals who have suffered personal casualty losses due to these hurricanes will be able to claim such losses without itemizing deductions. Additionally, these losses will not have to exceed 10% of a claimant's adjusted gross income to qualify.

Furthermore, the bill also includes provisions for tax relief in cases of wildfires and other disasters. It excludes from taxpayer gross income any amount received as compensation for expenses or losses incurred due to a qualified wildfire disaster. It also provides relief payments for losses resulting from the East Palestine, Ohio, train derailment in 2023.

The Tax Relief for American Families and Workers Act addresses the significant number of disasters that have occurred in recent years. Since 2021, the Federal Emergency Management Agency (FEMA) has declared over 300 disasters, affecting nearly 90 percent of the country. This legislation aims to provide much-needed assistance to the 45 states that have experienced a covered disaster since 2021.

The bill not only focuses on disaster relief but also aims to help American job creators stay competitive and support working families. It restores and expands proven tax policies from the 2017 GOP tax reform, which supported hardworking American families and made the economy more successful and productive. It also allows small businesses to immediately expense the cost of equipment and tools needed for growth and job creation.

The Tax Relief for American Families and Workers Act now awaits passage in the Senate, and Rep. Steube expects the President to sign the package into law. This legislation will provide much-needed relief to those affected by disasters and contribute to the recovery efforts across the country.