S 4806
Wildfire Victim Tax Relief and Recovery Act
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Bill overview
This bill, the Wildfire Victim Tax Relief and Recovery Act, provides tax relief to farmers and individuals affected by recent wildfires in Texas. It allows farmers to defer taxes on the sale of livestock due to fire damage for up to four years, similar to existing provisions for drought or flood. Additionally, it allows individuals to exclude certain disaster relief payments received from the government or Xcel Energy related to specific Texas wildfires from their income. The bill expands the definition of qualifying disasters to include wildfires.
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