Bill > S496

This bill provides tax relief and support for victims of the 2024 Texas Panhandle wildfires by establishing several key provisions. First, it defines specific wildfires that occurred in February and March 2024 in Hutchinson, Moore, and Gray Counties, including the Smokehouse Creek, Windy Deuce, Grape Vine Creek, 687 Reamer, and Roughneck Fires. The bill treats payments received from federal, state, or local government agencies, Xcel Energy, or related entities as qualified disaster relief payments, which means these compensation amounts for property loss, damages, expenses, and inconvenience will not be considered taxable income. Additionally, the bill modifies the Internal Revenue Code to provide tax benefits for livestock owners affected by these fires, allowing them to defer taxes on proceeds from involuntary sales of livestock due to fire and extending the period for replacing livestock without incurring immediate tax consequences. The tax code amendments apply to taxable years beginning after December 31, 2023, and aim to provide financial relief and flexibility for individuals and businesses impacted by these devastating wildfires.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/496/all-info