FSI Applauds House Passage of Tax Relief for Fraud Victims Act

WASHINGTON, D.C. –  The Financial Services Institute (FSI) today applauded the U.S. House of Representatives for passing the Tax Relief for Fraud Victims Act (H.R. 9500), bipartisan legislation that would provide needed tax relief to Americans who have suffered financial losses due to fraud.  

The legislation would restore tax relief for fraud losses and help prevent victims from facing additional tax consequences on funds stolen from them. It would also provide relief for certain retirement account distributions associated with fraud.  

“Victims of financial fraud should not face an additional tax burden after already suffering significant financial losses,” said FSI President & CEO Dale Brown. “We thank the House for passing this commonsense legislation, and we urge the Senate to take up this bill and act quickly to provide much-needed relief to fraud victims.” 

The House passed the legislation Tuesday evening by a vote of 408-17.