H.R. 481IntroducedHouse · nowSenatePresidentLawIn committeeSec. 2 · H.R. 481
Repeal of limitation on deduction for personal casualty losses
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(a) In general Section 165(h) of the Internal Revenue Code of 1986 is amended by striking paragraph (5). (b) Effective date The amendment made by this section shall apply to losses sustained in taxable years beginning after December 31, 2024.