Casualty Loss Deduction Restoration Act

This bill restores the ability for individuals to deduct property damage from events like storms or fires (casualty losses) on their federal taxes, with a new $50,000 annual cap for non-disaster losses. It specifically exempts losses from federally declared disasters from this cap. The bill also extends the deadline for filing tax refunds related to these losses by one year. It applies to losses incurred in tax years starting after December 31, 2017.