Search Results: keywords:"casualty losses"

  • H. R. 5863 — An Act To provide tax relief with respect to certain Federal disasters.
    Status:Enrolled Bill
    Words:871

    H.R. 5863, titled the "Federal Disaster Tax Relief Act of 2023," aims to offer tax relief for individuals affected by certain federal disasters. It extends previous rules for handling personal losses due to disasters and excludes from gross income any compensation received for losses from...

    Simple Explanation

    The Federal Disaster Tax Relief Act of 2023 wants to make it easier for people who lost things in big disasters to get money without having to pay taxes on it, especially when bad wildfires or train accidents happen. It tries to help by saying these disaster payments are like special gifts and not counted as money you earn, so you don’t have to tell the tax folks about them.

  • S. 1141 — To amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber.
    Status:Introduced in Senate
    Words:1,038

    S. 1141 seeks to amend the Internal Revenue Code to introduce a special rule for casualty losses of uncut timber. The bill specifies that, in the event of timber loss due to fire, storm, theft, or other causes, the deduction amount will be calculated based on the difference...

    Simple Explanation

    S. 1141 is a bill that wants to change some tax rules so that if trees in a forest get destroyed by things like storm or fire, the people who own the trees can get a tax break, but only if they promise to plant new trees within five years.