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Tax Relief for Texas Wildfire Victims and Fire-Affected Livestock Owners.

This bill grants income tax exemption for compensation payments received by victims of the 2024 Texas Panhandle wildfires. It also introduces new tax flexibility for farmers and ranchers, allowing them to defer income or capital gains from livestock sold due to fire, providing crucial financial relief.
Key points
Compensation payments for losses, damages, or inconvenience resulting from the Texas Panhandle fires (including payments from Xcel Energy) are not subject to federal income tax.
Farmers forced to sell livestock due to fire can now use special tax rules (previously only for floods) to defer reporting income or capital gains from those sales.
The tax changes related to livestock sales apply to taxable years beginning after December 31, 2023.
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Additional Information
Print number: 118_HR_9155
Sponsor: Rep. Jackson, Ronny [R-TX-13]
Process start date: 2024-07-25
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Wildfire Victim Tax Relief and Recovery Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_9155.

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 2024-07-25.

What are the main provisions?

Key points include:

  • Compensation payments for losses, damages, or inconvenience resulting from the Texas Panhandle fires (including payments from Xcel Energy) are not subject to federal income tax.
  • Farmers forced to sell livestock due to fire can now use special tax rules (previously only for floods) to defer reporting income or capital gains from those sales.
  • The tax changes related to livestock sales apply to taxable years beginning after December 31, 2023.
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. Jackson, Ronny [R-TX-13].

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 2025-12-26.

CATEGORIES

Taxes Agriculture