S.Amdt. 2792

SA 2792. Ms. BALDWIN submitted an amendment intended to be proposed
to amendment SA 2360 proposed by Mr. Thune (for Mr. Graham) to the bill
H.R. 1, to provide for reconciliation pursuant to title II of H. Con.
Res. 14; which was ordered to lie on the table; as follows:

Strike section 70109 and insert the following:

SEC. ____. REINSTATEMENT OF DEDUCTION FOR PERSONAL CASUALTY
LOSS.

(a) In General.--Section 165(h) is amended by striking
paragraph (5).
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2017.

SEC. ____. EXTENSION OF AMENDED RETURN WINDOW FOR PERSONAL
CASUALTY LOSS.

(a) In General.--In the case of a taxpayer who filed a
return for a taxable year ending before January 1, 2022, with
respect to which a deduction could have been taken by the
taxpayer under section 165(h) of the Internal Revenue Code of
1986 but for the fact that such deduction was suspended at
the time of filing--
(1) the period of limitation prescribed by section 6511(a)
of such Code for any such taxable year shall be extended
until the date prescribed by law (including extensions) for
filing the return of tax for the taxable year that includes
the date of the enactment of this Act; and
(2) section 6511(b)(2) of such Code shall not apply to any
claim of credit or refund with respect to such return.
(b) Extension Restricted to Casualty Loss Deduction.--
Subsection (a) shall apply only with respect to amendments to
the return of tax and claims for credit or refund of a
taxpayer to the extent such amendments or claims relate to
the deduction for casualty losses under section 165(h) of the
Internal Revenue Code of 1986.
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