FICPA Government Affairs
Advocacy Update: Rep. Steube hopes Hurricane Ian legislation will advance by year-end
As we’ve covered in previous Advocacy Updates, Rep. Greg Steube (R-Fla.) has introduced legislation in the U.S. House of Representatives to provide income tax relief to Americans recovering from Hurricane Ian. The legislation designates Hurricane Ian as a qualified disaster for purposes of determining the tax treatment of certain disaster-related personal casualty losses.
In a Sept. 21 Bloomberg article, Rep. Steube noted that if his bill to give special tax treatment to 2022’s Hurricane Ian victims is passed by the end of the year, those affected by the hurricane would have to know to amend their tax returns to get the tax relief for 2022. Ways and Means Chair Jason Smith (R-Mo.) has said he hopes to get the disaster relief bills resolved before year-end.
“Obviously, at this point, I still am pushing for it to get on an agenda,” said Steube, who is a member of the tax-writing Ways and Means Committee. “Everybody keeps telling me that they’ll do it by the end of the year, so I’m not worried that it won’t happen. It would just be a lot easier for people in my district for it to happen before October.”
Other bills include a proposal from Sen. Rick Scott (R-Fla.) and Rep. Kat Cammack (R-Fla.), introduced earlier this month, to provide aid and tax relief for Floridians impacted by Hurricane Idalia. The bill, which fully funds FEMA's Disaster Relief Fund, secures block grants for Florida growers to make sure they get the necessary tax breaks from the losses they suffered, and more.
On Aug. 17 the FICPA offered a webinar, featuring disaster-relief expert Gerard Schreiber, on 7508A filing delays. The webinar was free to FICPA members and you may watch the replay here.
The FICPA also has implemented an online letter-writing campaign to petition Congress to designate Hurricane Ian as a qualified disaster. Please consider personally engaging by adding your voice to these important efforts.
We will keep all of our members posted as we continue to advocate for CPAs and their clients.