Loading…
H.R. 9500119th CongressIn markupLatest action Jul 1, 2026Decoded by AI · checked against the record
The plain-language version leads. The official text is always the reference.
The bill lets theft and fraud victims deduct losses on taxes again, undoing a 2017 restriction.
40-second read · 4 questions answered below
This bill repeals a 2017 tax law limit that generally blocked deductions for personal casualty and theft losses outside federally declared disaster areas. It adds special rules for fraud and scam victims, letting them choose which tax year to report losses, giving extra time to file refund claims, and allowing penalty-free early retirement withdrawals to cover fraud losses. It also gives homeowners with pyrrhotite-damaged foundations extended, backdated time to claim deductions.
The bill affects individual taxpayers who are victims of theft, scams like romance or investment fraud, and homeowners with pyrrhotite-related foundation damage, notably in Connecticut and other states.
Reversing the 2017 limitation would expand who can claim casualty and theft loss deductions, affecting federal tax revenue and filing procedures for affected taxpayers.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: a House committee is reviewing it. If the Senate changes it, it goes back to the House before reaching the President.
Latest action: — Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 39 - 0.
Coverage of this bill from across the press — each outlet's political lean labeled where AllSides has rated it, and marked "Not rated" where it hasn't.
Newest of these articles:
cnbc.com
Center
finance.yahoo.com
Not rated
Lean labels describe the news outlet, not this bill or any party. Ratings by AllSides.