Excludes qualified wildfire relief payments from gross income for losses incurred after a federally declared wildfire disaster.
The Doug LaMalfa Protect Innocent Victims of Taxation After Fire Extension Act amends the Internal Revenue Code to exclude from gross income any compensation received for losses, expenses, or damages due to a qualified wildfire disaster. This applies to amounts received after December 31, 2025, and before January 1, 2033. The exclusion does not allow for deductions or credits related to these payments, nor does it increase the basis of any property.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.