Bill > S3711

This bill, titled the "Protect Innocent Victims Of Taxation After Fire Act," aims to provide tax relief for certain payments related to wildfire relief. The key provisions of the bill are: 1. Exclusion from Gross Income: The bill excludes from an individual's gross income any amount received as a "qualified wildfire relief payment" to compensate for losses, expenses, or damages (including additional living expenses, lost wages, personal injury, death, or emotional distress) incurred as a result of a "qualified wildfire disaster," which is defined as any federally declared disaster due to a forest or range fire after December 31, 2014. 2. Denial of Double Benefit: The bill denies any deduction, credit, or increase in basis or adjusted basis for any expenditure to the extent that it is covered by a qualified wildfire relief payment. 3. Limitation: The tax relief provided by this bill applies only to qualified wildfire relief payments received by individuals during taxable years beginning after December 31, 2019, and before January 1, 2026.

Budget and Finance

https://www.congress.gov/bill/118th-congress/senate-bill/3711/all-info