Search Results for keywords:"federally declared disasters"

Search Results: keywords:"federally declared disasters"

S. 3711 — To provide tax relief with respect to certain wildfire relief payments.
January 31, 2024
Status:Introduced in Senate
Congress:118
Words:497
S. 3711 is a bill intended to offer tax relief to individuals impacted by wildfires by excluding certain payments from being counted as income. Specifically, it ensures that money received to cover losses or damages caused by wildfires is not taxed, as long as those losses...
Simple Explanation
The bill S. 3711 helps people who have lost things in wildfires by making sure the money they get to replace those things isn't taxed as extra income, as long as they didn't already get that loss covered by insurance. It covers fires starting from January 1, 2020, to January 1, 2026.
S. 5457 — To amend the Internal Revenue Code of 1986 to allow a portion of general business credit carryforwards to be transferred by certain taxpayers affected by federally declared disasters.
December 09, 2024
Status:Introduced in Senate
Congress:118
Words:571
S. 5457, titled the “Disaster Relief and Resilience Act,” proposes changes to the Internal Revenue Code of 1986. It allows certain taxpayers affected by federally declared disasters to transfer a portion of their general business credit carryforwards. This applies to credits...
Simple Explanation
S. 5457 is a plan that lets businesses in disaster-hit areas share some of their tax savings with other businesses, which they usually keep for later, hoping it will help them recover faster after a big storm or fire.
H. R. 8007 — To amend the Internal Revenue Code of 1986 to make the postponement of certain deadlines by reason of Federally declared disaster applicable to the limitation on credit or refund.
April 15, 2024
Status:Introduced in House
Congress:118
Words:282
H. R. 8007, known as the “Disaster Tax Lookback Parity Act of 2024,” aims to change the Internal Revenue Code of 1986. It proposes extending the postponement of some tax-related deadlines due to Federally declared disasters to also cover the time limits on requesting tax...
Simple Explanation
If a natural disaster happens, it might cause problems, like making it hard for people to file their taxes on time. This bill wants to make sure that if the government says it's okay to delay taxes because of a disaster, people also get more time to ask for money back from their taxes.

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