When it comes to rising seas, the U.S. tax code is not ready. Neither are the IRS regulations.
The federal definition of "Casualty Loss" does not seem to cover owner's losses when ocean waters permanently steal properties.
Given established scientific projections concerning sea level rise, Congress needs to undertake a detailed review of the "casualty loss" term and broaden it to be ready for financial losses due to swelling oceans.
The tax code was never written to address sea level rise. Now it must.
Join host Mitch Chester for a brief exploration of an issue that will confront communities across the nation, and the halls of government.
For more information, please visit www.SLRAmerica.org, and SLRSouthFlorida.com.