Doug LaMalfa Protect Innocent Victims of Taxation After Fire Extension Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill extends a provision that allows individuals who have suffered losses due to wildfires to exclude certain qualified wildfire relief payments from their gross income. Specifically, it defines ‘qualified wildfire relief payment’ as compensation received for losses, expenses, or damages resulting from federally declared wildfires after December 31, 2014, that aren’t covered by insurance. The bill also prevents individuals from claiming deductions or credits for expenses already covered by these relief payments and ensures that the exclusion doesn’t increase the value of any property.
Key provisions
- Excludes qualified wildfire relief payments from gross income.
- Defines ‘qualified wildfire relief payment’ as compensation for wildfire-related losses, expenses, and damages not covered by insurance.
- Specifies ‘qualified wildfire disaster’ as federally declared wildfires after December 31, 2014.
- Prevents individuals from claiming deductions for expenses covered by relief payments.
- Prevents increases in property basis due to excluded amounts.
- Extends the provision's application until December 31, 2032.
- The changes apply to payments received after December 31, 2025.
Who is affected
- Individuals who have experienced losses due to wildfires.
- Taxpayers
- Victims of wildfires
Notable changes
- Provides a tax exclusion for wildfire relief payments.
Bill text
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