CFP Board Applauds Committee Approval of the Tax Relief for Fraud Victims Act

CFP Board applauds the House Ways and Means Committee for unanimously approving the Tax Relief for Fraud Victims Act (H.R. 9500), introduced by Rep. Max Miller (R-OH). In a letter to the Committee, CFP Board also expressed its support for Reps. Greg Steube’s (R-FL) and Jamie Raskin’s (D-MD) Tax Relief for Victims of Crime, Scams and Disaster Act (H.R. 3469).

Under current law, victims of investment scams, romance scams, business email compromise, cryptocurrency schemes, and other forms of fraud and theft have no meaningful tax relief for these losses, even as cybercrime topped $20 billion in 2025. H.R. 9500 would allow victims to claim a deduction within a year of discovering the fraud even after normal refund deadlines have passed, and waive the 401(k) early withdrawal penalty and contribution limits for victims rebuilding their retirement savings.

We thank Chair Jason Smith (R-MO) and Ranking Member Richie Neal (D-MA) for their leadership in combatting financial fraud and helping victims of such fraud and scams.

Read the full letter.