U.S. Sen. Mark R. Warner of Virginia applauded the congressional passage of legislation he cosponsored to provide tax relief for individuals affected by storms in Southwest Virginia.
“Since my time as governor of the Commonwealth, I’ve fought for the people of Southwest Virginia, who are too often overlooked. I’m proud to see the full Congress vote to approve legislation I cosponsored to provide tax relief for those struggling under the weight of Hurricane Helene’s devastation. I will keep doing everything I can at the federal level to pass a full disaster relief package and support Southwest Virginians affected by severe weather events,” Warner said.
The provision cosponsored by Warner would allow taxpayers to fully deduct qualified disaster casualty losses that exceed $500 and are attributable to federally-declared disasters beginning on January 1, 2020 and ending 60 days following the date of enactment.
In Southwest Virginia, many families affected by Hurricane Helene face massive out-of-pocket costs due to not having flood insurance or adequate homeowner’s insurance. The measure will provide needed assistance to families in particular, allowing them to deduct nearly the full cost of losses from their taxes and receive speedy assistance in the form of larger refunds during tax season. Currently, taxpayers can deduct losses only when the combined losses exceed 10 percent of the taxpayer’s adjusted gross income.
The Warner-sponsored provision passed as part of a broader tax package designed to provide tax relief for Americans impacted by recent natural disasters, including various hurricanes and wildfires. The package now heads to the President’s desk for his signature.
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Rebecca Barnabi
