Individual income tax subtraction for certain theft losses. (FE)

What it would have done

Summary by the Legislative Reference Bureau, the Legislature's nonpartisan drafting office. It's their wording, not ours.

This bill allows taxpayers to subtract certain theft losses when calculating their income for individual income tax purposes, beginning with taxable year 2024.

Under the bill, a taxpayer may subtract a theft loss if the loss is deductible in the taxable year as an itemized deduction under federal law, regardless of whether the individual claims the federal deduction. Under federal law, the deduction is limited to losses that are related to a profit-seeking activity or connected to a federally declared disaster (or, beginning next year, a state declared disaster). Federal law imposes additional conditions, including that there be no reasonable chance of recovering the money or property, and generally provides that a theft loss is claimed in the year in which the taxpayer discovers the loss.

Who's behind it

Mary Felzkowski, a Republican, is its author⁠.

4 more lawmakers signed on in support⁠.

What it would cost

State agencies filed a cost estimate. Each opens as a PDF from the Legislature.

• Fiscal Estimate From DOR

Versions and amendments

Every text the Legislature printed for this bill, including proposed changes. Each opens on the Legislature's site.

• Amendment Histories
• LC Amendment Memo