(Hartford, CT) – U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) today welcomed news that the Internal Revenue Service will allow homeowners with crumbling foundations to deduct repair costs as casualty losses from their taxable income—significant federal relief for the homeowners.
“This welcome news is significant federal relief for homeowners who have suffered serious property losses. We have seen first-hand the emotional and financial toll that crumbling foundations have taken on these homeowners. The damage is catastrophic, the cost to repair is insurmountable and the stress and turmoil this has caused for families is enormous. We appreciate the hard work of Reps. Larson and Courtney advocating for this change, and we remain firmly committed to exploring all possible avenues to provide additional resources and relief. This was a true team effort to get relief for these Connecticut homeowners,” Murphy and Blumenthal said.
Murphy and Blumenthal joined Reps. John Larson (CT-1) and Joe Courtney (CT-2) in pushing for this change. The Senators jointly wrote the IRS in July in support of this decision.