The record

LegislationLegislation· Dec 2024
HR 5863 Signed into law

Sponsored by W. Gregory Steube (R)

Federal Disaster Tax Relief Act of 2023

Lets disaster victims deduct casualty losses without claiming itemized deductions and excludes wildfire and train derailment payments from taxable income.

Tradeoff

Reduces federal tax revenue by $4.9 billion over 10 years. Benefits individuals and businesses in federally declared disaster areas.

What's in it

See official bill text

Reduces federal revenues by $4.9 billion over 10 years (2024-2033), increasing the deficit by that amount.

The bill provides tax breaks (reduced tax liability) to disaster victims and affected businesses, which costs the federal government $4.9 billion in foregone tax revenue over the decade.

H.R. 5863, Federal Disaster Tax Relief Act of 2023 · Jan 2024

The House passed this 382-7 on May 21, 2024. The Senate passed it by on December 4, 2024, and it was signed into law.

  1. House

    Introduced

    (Oct 2, 2023)

  2. House

    Committee on Ways and Means(Oct 2, 2023)

  3. House

    The Committee on Ways and Means voted to send it to the floor

    Reported 38 - 0(Nov 2, 2023)

    Committee report H. Rept. 118-348.

  4. House

    On Motion to and Pass, as Amended

    Passed(Roll #219 · May 21, 2024)

    382 yeanay 7

  5. Senate

    Received from the House

    on Finance(May 22, 2024)

  6. Senate

    Passage of the bill

    Passed by (Dec 4, 2024)

    No individual votes were recorded.

  7. Senate

    Taken away from the Committee on Finance

    Discharged(Dec 4, 2024)

  8. House

    Sent to the President

    (Dec 10, 2024)

  9. White House · Signature

    Signed

    Joe Biden (D)

  10. Enacted

    Became law(Dec 12, 2024)

Final passage· May 21, 2024· 118th Congress · 2023–2025