S.496

Wildfire Victim Tax Relief and Recovery Act provides tax relief for victims of Texas Panhandle wildfires.

The Wildfire Victim Tax Relief and Recovery Act provides tax relief for victims of the Texas Panhandle wildfires. It treats payments received as compensation for losses from these fires as qualified disaster relief payments, exempt from income tax. The act also modifies the Internal Revenue Code to include fire as a qualifying event for certain livestock sales and amends the definition of involuntary conversions to include livestock sold due to fire. The act applies to taxable years beginning after December 31, 2023.