Tax Relief for Wildfire Victims
This bill aims to exclude certain wildfire relief payments from an individual's taxable income. This means that money received to cover expenses and losses from qualified wildfires, not compensated by insurance, will not be subject to income tax. This measure is intended to help victims of these disasters recover more easily by reducing their financial burden.
Key points
Compensation for losses from federally declared wildfires will not be taxed.
This exclusion applies to payments received from 2020 through the end of 2025, provided losses were not covered by insurance.
Expenses covered by these tax-exempt payments cannot be claimed as deductions or credits.
Expired
Citizen Poll