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Tax Relief for Texas Wildfire Victims and Farmers Affected by Fire Losses.

This law ensures that compensation payments received by individuals affected by the Texas Panhandle fires (February 2024) are exempt from federal income tax. It also introduces permanent tax code changes allowing farmers and ranchers to defer taxes on livestock sales forced by fire. These changes aim to provide financial relief for disaster recovery.
Key points
Compensation for property damage, expenses, and losses related to the Texas Panhandle fires (including payments from Xcel Energy) is entirely tax-free.
Farmers and ranchers forced to sell livestock due to fire can defer income tax or avoid capital gains tax if they replace the animals within the allowed period.
Tax exemptions for wildfire victims apply retroactively to amounts received on or after February 26, 2024.
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Additional Information
Print number: 118_S_4806
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2024-07-25
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Summarized by: gemini-flash-latest
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_S_4806.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-07-25.

What are the main provisions?

Key points include:

  • Compensation for property damage, expenses, and losses related to the Texas Panhandle fires (including payments from Xcel Energy) is entirely tax-free.
  • Farmers and ranchers forced to sell livestock due to fire can defer income tax or avoid capital gains tax if they replace the animals within the allowed period.
  • Tax exemptions for wildfire victims apply retroactively to amounts received on or after February 26, 2024.
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 Sen. Cruz, Ted [R-TX].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

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