Latest action: Referred to the House Committee on Ways and Means.
Referred to one or more standing committees for review, hearings, and possible markup.
Specific committees not parsed from action data.
The committee may hold hearings, amend the bill, or let it die without action.
Next: Reported
Full chamber floor — Speaker / Majority Leader controls scheduling
Allows fraud victims to deduct losses from their taxes.
The problem
Victims of fraud suffer financial losses but cannot currently claim tax deductions for those losses, creating additional hardship.
The proposal
Creates a tax deduction allowing individuals and businesses to write off losses from fraud, scams, and financial crimes on their tax returns.
The impact
Fraud victims gain tax relief; the government loses some tax revenue; tax administration becomes more complex with fraud verification.
Fraud victims already suffered financial harm. This deduction reduces their tax burden and provides partial recovery. It recognizes that fraud is not a voluntary loss.
Tax deductions may encourage victims to report fraud to authorities and seek legal remedies. This helps law enforcement identify and prosecute criminals.
Fraud victims often include seniors, low-income workers, and small business owners. Tax relief helps these groups recover from financial crimes.
Tax deductions cost the government money in lost revenue. This reduces funds available for other programs or increases budget deficits.
The IRS must verify legitimate fraud occurred, which is complex and expensive. Fraudsters might falsely claim losses. Administration costs would increase significantly.
Taxpayers might claim fraudulent losses that never happened or exaggerate amounts. This increases tax fraud and audit workloads for the IRS.
Fraud victims can already pursue insurance claims and lawsuits. A tax deduction might be unnecessary overlap that creates unfair advantages for some victims.
Generated by AI from the bill text. Not a prediction and not legal or policy advice. The percentage is the model's own rating of each item — self-reported, and not a measure of how accurate it is.
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Individual contributions, grouped by employer · FEC
Where their individual donors work · 2026 cycle
Money from people who work there, not from the company. Not tied to this bill.
Itemized individual contributions via FEC, grouped by the employer each contributor self-reported. Companies and unions cannot contribute to federal candidates from their treasuries, so these totals are money from people who work at an employer — never from the organization itself. They are campaign contributions covering a full election cycle and are not connected to this bill.
Senate LDA lobbying disclosures
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