Search Results: keywords:"involuntary conversions"

  • H. R. 9155 — To exclude certain amounts relating to compensating victims of the Texas Panhandle fires, and for other purposes.
    Status:Introduced in House
    Words:693

    H.R. 9155, titled the "Wildfire Victim Tax Relief and Recovery Act," aims to provide tax relief to victims of the Texas Panhandle fires. It considers compensation received for losses and damages from these fires as disaster relief payments, making them non-taxable according...

    Simple Explanation

    H.R. 9155 is like a helpful friend who says, "If a fire burned your home or farm animals in the Texas Panhandle, don't worry about paying taxes on the money you get to fix things," so people won't have to pay extra money to the government while getting back on their feet.

  • S. 4806 — To exclude certain amounts relating to compensating victims of the Texas Panhandle fires, and for other purposes.
    Status:Introduced in Senate
    Words:708

    S. 4806 aims to assist victims of wildfires in the Texas Panhandle by treating funds received as disaster relief payments under the tax code, making these payments exempt from federal income tax. The bill also allows for flexibility in tax treatment for livestock sales forced...

    Simple Explanation

    S. 4806 is a law to help people who lost things in big fires in Texas, saying that the help money they get won't be taxed, and it makes special rules for people who had to sell animals because of the fires.