Doug LaMalfa Federal Disaster Tax Relief Certainty Act

Today's wording of each part of the law, with what was struck out and added. Each change also gives the bill's own instruction, word for word.

1. 26 U.S.C. 165(h)added (6)by H.R. 5366 Sec. 2(a)

   (6) Special rule for qualified net disaster losses.—(A) In general.— If an individual has a qualified net disaster loss for any taxable year, the amount determined under paragraph (2)(A)(ii) shall be the sum of—(i) such qualified net disaster loss, and(ii) so much of the excess referred to in the matter preceding clause (i) of paragraph (2)(A) (reduced by the amount in clause (i) of this subparagraph) as exceeds 10 percent of the adjusted gross income of the individual.(B) Qualified net disaster loss.— For purposes of subparagraph (A), the term qualified net disaster loss means the excess (if any) of—(i) qualified disaster-related personal casualty losses, over(ii) personal casualty gains reduced by the portion of such gains taken into account under paragraph (5)(B)(i).(C) Qualified disaster-related personal casualty losses.— For purposes of this paragraph—(i) In general.— The term qualified disaster-related personal casualty losses means losses described in subsection (c)(3) (determined after application of paragraph (1)) which arise in a qualified disaster area on or after the first day of the incident period of the qualified disaster to which such area relates, and which are attributable to such disaster.(ii) Qualified disaster area.— The term qualified disaster area means any area with respect to which a major disaster has been declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act if the incident period of the disaster with respect to which such declaration is made begins on or after December 28, 2019, and before January 1, 2027.(iii) Qualified disaster.— The term qualified disaster means, with respect to any qualified disaster area, the disaster by reason of which a major disaster was declared with respect to such area.(iv) Incident period.— The term incident period means, with respect to any qualified disaster, the period specified by the Federal Emergency Management Agency as the period during which such disaster occurred.

   The bill says: Section 165(h) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

   Bill text · Current law (26 U.S.C. 165)

From the bill's official text on GovInfo and the U.S. Code, latest edition, which may not yet show changes made since.