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 taxpayers to deduct theft losses from fraud without income limits or itemization requirements.
The problem
Current tax law limits deductions for theft losses involving fraud, deceit, or misrepresentation. Victims of fraud may not receive full tax relief for their losses.
The proposal
Removes the deduction limitation for theft losses involving fraud. Allows these deductions without itemizing other deductions on tax returns.
The impact
Fraud victims gain larger tax deductions. Reduces federal tax revenue. Primarily affects individuals who lost money to theft or fraud schemes.
People who lose money to fraud get better tax relief. This provides some financial recovery through tax savings. Treats fraud losses more fairly than current law.
Taxpayers don't need to itemize deductions to claim these losses. This makes filing taxes easier for many people. Increases access to the deduction for those who take standard deductions.
Removes an unfair limitation on a specific type of loss. Treats all taxpayers consistently regardless of other deductions. Modernizes tax treatment of fraud-related losses.
Federal government collects less tax money from these deductions. Could increase the deficit or require other funding. Budget impact depends on how many people claim these deductions.
Easier deductions might encourage false claims of fraud losses. IRS would need more resources to verify legitimate losses. Creates opportunities for tax fraud if not carefully monitored.
Higher-income earners typically benefit more from tax deductions. Wealthy people are more likely to have substantial investments to lose. May not help lower-income fraud victims as much.
Bill language doesn't specify exact types of fraud covered. Could create confusion about what qualifies as deductible theft losses. Enforcement and application might be inconsistent.
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
No lobbying disclosures matched this bill.