[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 764 Introduced in Senate (IS)]
<DOC>
118th CONGRESS
1st Session
S. 764
To amend the Internal Revenue Code of 1986 to provide special rules for
casualty losses incurred by reason of Hurricane Ian, Hurricane Nicole,
and Hurricane Fiona.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 9, 2023
Mr. Scott of Florida (for himself and Mr. Rubio) 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 provide special rules for
casualty losses incurred by reason of Hurricane Ian, Hurricane Nicole,
and Hurricane Fiona.
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 ``Hurricane Tax Relief Act''.
SEC. 2. TAX RELIEF RELATED TO HURRICANE IAN, HURRICANE NICOLE, AND
HURRICANE FIONA.
(a) Definitions.--For purposes of this section--
(1) Hurricane ian disaster area.--The term ``Hurricane Ian
disaster area'' means an area with respect to which a major
disaster has been declared by the President before the date of
the enactment of this section under section 401 of the Robert
T. Stafford Disaster Relief and Emergency Assistance Act by
reason of Hurricane Ian.
(2) Hurricane nicole disaster area.--The term ``Hurricane
Nicole disaster area'' means an area with respect to which a
major disaster has been declared by the President before the
date of the enactment of this section under section 401 of the
Robert T. Stafford Disaster Relief and Emergency Assistance Act
by reason of Hurricane Nicole.
(3) Hurricane fiona disaster area.--The term ``Hurricane
Fiona disaster area'' means an area with respect to which a
major disaster has been declared by the President before the
date of the enactment of this section under section 401 of the
Robert T. Stafford Disaster Relief and Emergency Assistance Act
by reason of Hurricane Fiona.
(b) Special Rules for Qualified Disaster-Related Personal Casualty
Losses.--
(1) In general.--If an individual has a net disaster loss
for any taxable year--
(A) the amount determined under section
165(h)(2)(A)(ii) of the Internal Revenue Code of 1986
shall be equal to the sum of--
(i) such net disaster loss, and
(ii) so much of the excess referred to in
the matter preceding clause (i) of section
165(h)(2)(A) of such Code (reduced by the
amount in clause (i) of this subparagraph) as
exceeds 10 percent of the adjusted gross income
of the individual,
(B) in the case of qualified disaster-related
personal casualty losses, section 165(h)(1) of such
Code shall be applied to by substituting ``$500'' for
``$500 ($100 for taxable years beginning after December
31, 2009)'',
(C) the standard deduction determined under section
63(c) of such Code shall be increased by the net
disaster loss, and
(D) section 56(b)(1)(E) of such Code shall not
apply to so much of the standard deduction as is
attributable to the increase under subparagraph (C) of
this paragraph.
(2) Net disaster loss.--For purposes of this subsection,
the term ``net disaster loss'' means the excess of qualified
disaster-related personal casualty losses over personal
casualty gains (as defined in section 165(h)(3)(A) of the
Internal Revenue Code of 1986).
(3) Qualified disaster-related personal casualty losses.--
For purposes of this subsection, the term ``qualified disaster-
related personal casualty losses'' means losses described in
section 165(c)(3) of the Internal Revenue Code of 1986--
(A) which arise in the Hurricane Ian disaster area
on or after September 23, 2022, and which are
attributable to Hurricane Ian,
(B) which arise in the Hurricane Nicole disaster
area on or after November 7, 2022, and which are
attributable to Hurricane Nicole, or
(C) which arise in the Hurricane Fiona disaster
area on or after September 17, 2022, and which are
attributable to Hurricane Fiona.
(c) Application to Puerto Rico.--
(1) In general.--The Secretary of the Treasury shall pay to
Puerto Rico amounts estimated by the Secretary of the Treasury
as being equal to the aggregate benefits that would have been
provided to residents of Puerto Rico by reason of the
provisions of this section if a mirror code tax system had been
in effect in Puerto Rico. The preceding sentence shall not
apply with respect to Puerto Rico unless Puerto Rico has a
plan, which has been approved by the Secretary of the Treasury,
under which Puerto Rico will promptly distribute such payments
to its residents.
(2) Definition and special rules.--
(A) Mirror code tax system.--For purposes of this
subsection, the term ``mirror code tax system'' means,
with respect to any possession of the United States,
the income tax system of such possession if the income
tax liability of the residents of such possession under
such system is determined by reference to the income
tax laws of the United States as if such possession
were the United States.
(B) Treatment of payments.--For purposes of section
1324 of title 31, United States Code, the payments
under this subsection shall be treated in the same
manner as a refund due from a credit provision referred
to in subsection (b)(2) of such section.
(C) Coordination with united states income taxes.--
In the case of any person with respect to whom a tax
benefit is taken into account with respect to the taxes
imposed by any possession of the United States by
reason of this section, the Internal Revenue Code of
1986 shall be applied with respect to such person
without regard to the provisions of this section which
provide such benefit.
<all>