Federal Disaster Tax Relief Act of 2025

What the bill does: This bill updates tax rules to help people with losses from major disasters and wildfires. It lets disaster victims deduct losses easier—no 10% income limit for qualified disasters from mid-2025 to 2027, lowers the $500 floor to $100, and allows standard deduction users to claim disaster losses. It also makes wildfire relief payments (for fires after 2014)...