Bill
Bill > HR1270
US HR1270
US HR1270To exclude certain amounts relating to compensating victims of the East Palestine train derailment, and for other purposes.
summary
Introduced
03/01/2023
03/01/2023
In Committee
03/01/2023
03/01/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To exclude certain amounts relating to compensating victims of the East Palestine train derailment, and for other purposes.
AI Summary
This bill aims to provide tax relief for individuals and businesses affected by the East Palestine train derailment that occurred on February 3, 2023. Specifically, it deems the East Palestine train derailment a "qualified disaster" under the Internal Revenue Code, allowing victims to exclude from their taxable income any government, Norfolk Southern Railway, or related entity payments received as compensation for lost business income. The bill also sets an effective date of February 3, 2023, for these tax exclusions.
Committee Categories
Budget and Finance
Sponsors (13)
Bill Johnson (R)*,
Troy Balderson (R),
Shontel Brown (D),
Mike Carey (R),
Warren Davidson (R),
Jim Jordan (R),
Dave Joyce (R),
Greg Landsman (D),
Bob Latta (R),
Max Miller (R),
Emilia Sykes (D),
Mike Turner (R),
Brad Wenstrup (R),
Last Action
Referred to the House Committee on Ways and Means. (on 03/01/2023)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Domestic Disaster Relief
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/1270/all-info | 03/02/2023 |
| BillText | https://www.congress.gov/118/bills/hr1270/BILLS-118hr1270ih.pdf | 03/22/2023 |
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