New tax relief proposal may help Hurricane Ian victims

Reporter: Tiffany Rizzo Writer: Nicholas Karsen
Published: Updated:

Hurricane Ian victims are still struggling financially, but a local congressman created a proposal that may help alleviate the strain.

Congressman Greg Steube will propose a bill that would allow people to deduct their losses without itemizing their deductions.

Your net casualty loss doesn’t need to exceed 10% of your adjusted gross income to qualify for the deduction.

To receive this help, Steube’s bill would designate Hurricane Ian as a qualified disaster.

Ian was recorded to be the most expensive hurricane in the history of Florida. While being one of the deadliest storms to hit the Gulf Coast, the IRS has not qualified Ian as a disaster loss event.

Congress has not labeled Hurricane Ian as a qualified disaster, meaning the average taxpayer cannot deduct any legitimate loss from Ian as a qualified disaster loss.

Steube’s bill will now advance to the Ways and Means Committee on Wednesday, with hopes that Congress will designate Ian as a qualified disaster and allow victims to claim their deductibles retroactively.

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