The main purpose of this legislation is to restore the ability for taxpayers to deduct personal casualty losses on their tax returns. This deduction was previously available before changes were made by a law enacted in 2017, which limited the circumstances under which taxpayers could claim such losses. The goal is to provide financial relief to individuals who have suffered losses due to events like natural disasters, crimes, or scams. Key provisions of the legislation include the reinstatement of the personal casualty loss deduction as it existed before the 2017 law.