BGOV Bill Summary: H.R. 5863, Disaster Tax Relief

Individual taxpayers would be allowed to deduct losses from hurricanes and other federally declared disasters without itemizing their deductions under a modified version of H.R. 5863.

The measure would also exclude from gross income certain disaster relief payments related to US wildfires and the February 2023 Norfolk Southern train derailment in East Palestine, Ohio.

“Floridians have now waited over a year for Congress to designate Hurricane Ian as a qualified disaster and provide much-needed tax relief for those impacted financially by Hurricane Ian,” said Rep. Greg Steube (R-Fla.), the bill’s sponsor, in a November 2023 news release.

The ...