H.R. 5343 appropriates $16.5 billion in federal funds for fiscal year 2023 to support disaster relief and recovery efforts under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. The bill provides tax relief for individuals and businesses in areas that experienced major disasters between December 28, 2020, and December 31, 2023, by allowing them to deduct disaster-related personal casualty losses more favorably and increasing their standard deductions. The legislation also extends disaster assistance to U.S. territories with mirror tax systems, allows the Agriculture Department to provide block grants to states and territories for disaster losses, and streamlines requirements for the Army Corps of Engineers to repair flood and storm damage reduction projects. Additionally, the bill requires the Department of Defense to assess damage to military installations in Florida from Hurricane Idalia and estimate repair costs within 30 days of enactment. The funds are designated as an emergency appropriation and remain available until expended.
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