Conservatives on Capitol Hill, such as Republican Reps. Matt Gaetz and Thomas Massie, had little good to say about a tax bill that many see as offering an election-year boon to Democrats.
But GOP Rep. Greg Steube noted on Sunday that even the darkest clouds have a silver lining.
The Sarasota Republican praised the passage of the Tax Relief for American Families and Workers Act last week, noting that its proposed tax cuts will help victims of natural disasters, such as residents of Florida.
The measure incorporated Steube’s separate bill, “The Federal Disaster Tax Relief Act,” into its language.
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Steube’s bill would allow Americans hit by natural disasters such as hurricanes or wildfires to claim losses from those events without having to itemize their deductions.
In addition, those losses would not have to exceed 10% of a survivor’s adjusted gross income for them to qualify.
Moreover, Steube’s bill excludes any money an individual taxpayer receives as compensation for expenses or losses due to a disaster from being considered as gross income for income tax purposes.
That also includes payments for losses specific to the East Palestine, Ohio, train derailment a year ago this weekend.
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In a press release issued last week, Steube noted that the National Oceanic and Atmospheric Administration has ranked Hurricane Ian, the massive 2022 storm that rocked Florida’s southwest coast, as the third-costliest hurricane in American history.
The bill accordingly designates Ian as well as Hurricanes Idalia, Nicole, Fiona as eligible disaster events for the purpose of the proposed law.
“The Tax Relief for American Families and Workers Act delivers many wins for our economy, small businesses, workers, and American competitiveness. Most importantly for Floridians, the legislation provides much-needed disaster tax relief for victims of recent hurricanes, including those impacted financially by Hurricane Ian,” Steube said in the press release.
He reiterated those points in an email to constituents on Sunday.
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“After monstrous Hurricane Ian devastated Florida’s Suncoast, I promised Floridians that I would fight as long as it takes to ensure recovery,” he said.
“I’m urging swift passage in the Senate and expect that the President will sign it into law so Floridians can finally receive the tax relief they are owed for their Hurricane Ian damages.”
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