WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA) applauded the congressional passage of legislation he cosponsored to provide tax relief for individuals affected by storms in Southwest Virginia.

“Since my time as governor of the Commonwealth, I’ve fought for the people of Southwest Virginia, who are too often overlooked. I’m proud to see the full Congress vote to approve legislation I cosponsored to provide tax relief for those struggling under the weight of Hurricane Helene’s devastation. I will keep doing everything I can at the federal level to pass a full disaster relief package and support Southwest Virginians affected by severe weather events,” said Sen. Warner.

Specifically, the provision cosponsored by Sen. Warner would allow taxpayers to fully deduct qualified disaster casualty losses that exceed $500 and are attributable to federally-declared disasters beginning on January 1, 2020 and ending 60 days following the date of enactment.

In Southwest Virginia, many families affected by Hurricane Helene are facing massive out-of-pocket costs due to not having flood insurance or adequate homeowner’s insurance. This measure will provide needed assistance to those families in particular, allowing them to deduct nearly the full cost of those losses from their taxes and receive speedy assistance in the form of larger refunds during tax season. Currently, taxpayers can deduct losses only when those combined losses exceed 10 percent of the taxpayer’s adjusted gross income.

The Warner-sponsored provision passed as part of a broader tax package designed to provide tax relief for Americans impacted by recent natural disasters, including various hurricanes and wildfires. This package now heads to the President’s desk for his signature.

Sen. Warner has been a staunch advocate for Virginians affected by Hurricane Helene. Most recently, he led a bipartisan and bicameral group of colleagues in calling on congressional leadership to ensure that any supplemental appropriations bill responding to recent natural disasters include substantial funding for the agencies that manage public lands, including the United States Forest Service (USFS) and the National Park Service (NPS). He has also raised the alarm about the need to allow the U.S. Small Business Administration to continue paying out disaster assistance loans to small businesses, and pushed for a full supplemental package to meet the needs of impacted communities across the country. In November, Sen. Warner also spoke on the Senate floor about his visit to Damascus, a community along the heavily-impacted Creeper Trail, and the long road to recovery to get the trail operational and support the communities and businesses that rely on it.

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