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  • 2017-12-08 (xsd:date)
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  • Does the 2017 Tax Plan Eliminate Deduction for Losses from Wildfires, Other Natural Disasters? (en)
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  • Provisions in the 2017 tax reform bill that would eliminate or restrict tax deductions for uninsured personal losses in natural disasters came under criticism in early December as devastating wildfires raged out of control in southern California. One popular social media post made its point by quoting a 7 November article in the Los Angeles Times: But although the quote is real and the Times article confirmed that the deduction was on the chopping block, it also reported that victims of the December 2017 wildfires will still be able to use it if they can assess damages in time: The larger point remained true, however, namely that going forward victims of natural disasters would no longer have this tool — or at best would only have limited use of it — to help recoup casualty losses. The House and Senate versions of the Tax Cuts and Jobs Act differed slightly in their proposals. While the House version would eliminate the personal casualty deduction entirely, the Senate version would keep it, though limiting its scope to losses incurred in federally declared disasters, a category rarely applied to wildfires, the Times reported. Government statistics cited by NBC News illustrate the national impact eliminating the deduction would have on Americans: Democratic Senators Dianne Feinstein and Kamala Harris, both of California (a state likely to be disproportionately affected by the proposed change), issued a joint statement in November condemning the Republican tax plan: Republican Representative Kevin Brady of Texas acknowledged the plight of the California fire victims and promised to provide special tax relief similar to that which he secured for the victims of the 2017 hurricanes. Yet, he didn't back down from his support of the House tax bill: It remains to be seen what will become of the personal casualty deduction in the final version of the Tax Cuts and Jobs Act, which, as of this writing, is still undergoing reconciliation in Congress. It is expected to be passed and signed into law by the end of 2017. (en)
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