Amends the Internal Revenue Code to codify and extend rules for personal casualty losses from major disasters and wildfire relief payments.

The bill amends the Internal Revenue Code to codify and extend rules for personal casualty losses arising from major disasters and the exclusion from gross income of compensation for losses or damages resulting from certain wildfires. It modifies the disaster loss deduction and applies to payments received and losses incurred in taxable years beginning after December 31, 2025. The bill also defines terms such as "qualified disaster" and "incident period" for these purposes.

Amends the Internal Revenue Code to codify and extend rules for personal casualty losses from major disasters and wildfire relief payments.

The bill amends the Internal Revenue Code to codify and extend rules for personal casualty losses arising from major disasters and the exclusion from gross income of compensation for losses or damages resulting from certain wildfires. It modifies the disaster loss deduction and applies to payments received and losses incurred in taxable years beginning after December 31, 2025. The bill also defines terms such as "qualified disaster" and "incident period" for these purposes.