Bill > HR1169

This bill provides tax relief and support for victims of specific wildfires that occurred in the Texas Panhandle in early 2024, including the Smokehouse Creek Fire, Windy Deuce Fire, Grape Vine Creek Fire, 687 Reamer Fire, and Roughneck Fire. The legislation ensures that payments received by individuals for losses related to these fires from federal, state, local governments, Xcel Energy, or its subsidiaries and insurers will be treated as qualified disaster relief payments, which means they will not be considered taxable income. Additionally, the bill amends the Internal Revenue Code to provide tax benefits for livestock owners affected by these fires, specifically allowing them to defer taxes on proceeds from involuntary sales of livestock due to fire and extending the replacement period for such livestock. The tax provisions apply to taxable years beginning after December 31, 2023, and cover amounts received on or after February 26, 2024, providing financial relief to those impacted by these devastating wildfires in the Texas Panhandle region.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1169/all-info