H.R. 5863, known as the "Federal Disaster Tax Relief Act of 2023," aims to provide tax relief connected to certain federal disasters. The bill proposes extending tax rules for personal casualty losses, allowing people affected by specific disasters like wildfires to exclude certain relief...
Simple Explanation
H.R. 5863 is a law that helps people affected by big disasters, like fires or a train accident, by letting them keep more of their money. It says some of the money they get for help doesn't count as income, so they don't have to pay taxes on it.