“To amend the Internal Revenue Code of 1986 to exclude qualified wildfire relief payments from gross income, and for other purposes.”
No CRS summary available for this bill.
This section establishes an exclusion from gross income for qualified wildfire relief payments received by individuals after December 31, 2025, and before January 1, 2033. A qualified wildfire relief payment is any amount received as compensation for losses, expenses, or damages—including additional living expenses, lost wages (other than from an employer), personal injury, death, or emotional distress—incurred as a result of a qualified wildfire disaster (i.e., a federally declared disaster due to a forest or range fire after December 31, 2014), to the extent not compensated by insurance or otherwise. (Thus, recipients forgo deductions, credits, or basis adjustments for the excluded amounts.)