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Tax relief for Texas wildfire victims and livestock owners.

This act aims to assist individuals affected by Texas wildfires, such as the Smokehouse Creek Fire, by making compensation received for losses tax-exempt. Additionally, it modifies tax rules to help livestock owners account for fire-related losses, treating them similarly to flood losses.
Key points
Compensation received for losses from Texas wildfires (e.g., Smokehouse Creek Fire) from government agencies, Xcel Energy, or their insurers will not be taxed.
Livestock owners forced to sell animals due to fires will be eligible for tax relief, similar to flood-related provisions, potentially reducing their tax burden.
Tax changes for livestock apply to tax years beginning after December 31, 2023, and tax exemptions for Texas wildfire victims apply to amounts received on or after February 26, 2024.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_496
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2025-02-10
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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

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 119_S_496.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-02-10.

What are the main provisions?

Key points include:

  • Compensation received for losses from Texas wildfires (e.g., Smokehouse Creek Fire) from government agencies, Xcel Energy, or their insurers will not be taxed.
  • Livestock owners forced to sell animals due to fires will be eligible for tax relief, similar to flood-related provisions, potentially reducing their tax burden.
  • Tax changes for livestock apply to tax years beginning after December 31, 2023, and tax exemptions for Texas wildfire victims apply to amounts received on or after February 26, 2024.
What is the specific legal status?

The current status is Introduced.

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 2025-12-23.

CATEGORIES

Taxes Agriculture