Hurricane Tax Relief Act

S 764, the Hurricane Tax Relief Act, provides tax relief to individuals in areas affected by Hurricanes Ian, Nicole, and Fiona. It modifies how personal property damage losses are calculated for tax purposes, allowing victims to deduct more of their losses by removing the usual 10% adjusted gross income limit and increasing the deductible amount from $500 to $1,000 (for tax years after 2009). The bill also ensures Puerto Rico receives equivalent tax benefits by requiring the Treasury to pay amounts mirroring federal relief, provided Puerto Rico has an approved distribution plan. This directly affects residents in declared disaster zones who suffered property damage from these specific hurricanes.