Representative Greg Steube (R-FL) appeared on Fox Business to discuss his bill, The Federal Disaster Tax Relief Act of 2023, and what it means for Floridians and Americans alike as President Joe Biden (D) recently signed it into law. The legislation would allow all Americans affected by a federally declared natural disaster to receive a tax write-off for the damages that occurred throughout the year.
The Florida representative said that this bill could bring hundreds of millions of dollars to the state of Florida as residents experienced tremendous hardship due to the recent hurricanes.
Under my bill that was recently signed into law, any American affected by a Presidentially-declared disaster is now eligible for disaster tax relief.
Visit my website to learn more: https://t.co/Ar6B73ROay pic.twitter.com/Vroeq9Fo2x
— Congressman Greg Steube (@RepGregSteube) December 26, 2024
"Now, any American, anywhere in the country that has been affected by a presidentially declared natural disaster, will be able to deduct their expenses from their taxes for that tax year. So, in a district like mine that was hit by Hurricane Ian two years ago and then hurricane Milton, Hurricane Helene and Hurricane Debbie this past year, for each one of those tax years, they can deduct their expenses from their taxes," said Rep. Steube.
He continued, sharing that it isn't just Americans affected by hurricanes that can benefit from this bill.
"Just my district alone, because we've had six hurricanes in two years, I bet is hundreds of millions of dollars in tax relief to the American people. But people in Ohio on the train derailment, people in California with the wildfires, Hawaii with the wildfires, will be able to deduct those expenses from that tax year. So if you're you've already filed your taxes for 2022 you can do an amended return on those taxes when those expenses and deduct those expenses from your taxes," concluded Rep. Steube.
This bill, which was led by Senator Rick Scott (R-FL) in the upper chamber, was signed into law earlier this month.
The Florida senator said this legislation will return the necessary compensation that those affected by natural disasters "deserve" due to the hardship.
“My Federal Disaster Tax Relief Act becoming law will finally start getting families in Florida, Puerto Rico and folks across the nation the tax relief they need and deserve after suffering losses from these devastating storms,” said Scott.
