AI-assisted analysis based on the official CRS summary. Source version: Apr 24, 2026. Analysis updated: Sep 11, 2026.
01 — The Text
What.
- Extends the federal tax deduction for qualified disaster-related personal casualty losses to disasters declared through December 31, 2026 (previously December 31, 2025)
- Extends the income exclusion for qualified wildfire relief payments to those from federal disasters declared through 2026 (previously 2025)
- Covers disaster incidents beginning on or after December 28, 2019
- Maintains the $500 per-casualty threshold for deductible personal casualty losses
- Provides statutory authority for related tax rules
02 — The Stakes
So what?
- Taxpayers with unreimbursed disaster losses may claim deductions for an additional year beyond prior law
- Wildfire relief payment recipients can exclude income for an additional year
- The official summary does not establish quantified revenue impacts, numbers of affected taxpayers, or specific effects on federal disaster funding
03 — The Path
Now what?
- Bill signed by President on September 11, 2026
- Passed Senate without amendment by Unanimous Consent on August 7, 2026
- Referred to Senate Finance Committee on April 28, 2026 after receipt in Senate
Legislative History
Actions.
- Sep 11, 2026 — Signed by President.
- Sep 3, 2026 — Presented to President.
- Aug 10, 2026 — Message on Senate action sent to the House.
- Aug 7, 2026 — Passed Senate without amendment by Unanimous Consent. (consideration: CR S4547)
- Aug 7, 2026 — Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
- Aug 7, 2026 — Senate Committee on Finance discharged by Unanimous Consent.
- Aug 7, 2026 — Senate Committee on Finance discharged by Unanimous Consent.
- Apr 28, 2026 — Received in the Senate and Read twice and referred to the Committee on Finance.