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Tax Relief for Wildfire Victims: Deductions and Income Exclusions

This bill introduces significant changes for individuals affected by wildfires. It allows for the deduction of attorney fees related to wildfire damage awards and excludes settlement funds received for such damages from gross income. This helps victims retain more funds to rebuild their lives after a disaster.
Key points
Attorney fees and court costs related to awards for qualifying wildfire damages can be deducted from taxable income.
Settlement funds received from qualified settlement funds for wildfire losses or damages will not be included in gross income.
These provisions apply to wildfires occurring in 2015 or later that are federally declared disasters.
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Additional Information
Print number: 117_HR_7305
Sponsor: Rep. Thompson, Mike [D-CA-5]
Process start date: 2022-03-30
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend the Internal Revenue Code of 1986 to establish a deduction for attorney fees awarded with respect to certain wildfire damages and to exclude from gross income settlement funds received with respect to such damages.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7305.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-03-30.

What are the main provisions?

Key points include:

  • Attorney fees and court costs related to awards for qualifying wildfire damages can be deducted from taxable income.
  • Settlement funds received from qualified settlement funds for wildfire losses or damages will not be included in gross income.
  • These provisions apply to wildfires occurring in 2015 or later that are federally declared disasters.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Thompson, Mike [D-CA-5].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Environment