Search Results: keywords:"qualified wildfire relief payment"

  • H. R. 5863 — An Act To provide tax relief with respect to certain Federal disasters.
    Status:Engrossed in House
    Words:872

    H.R. 5863, known as the “Federal Disaster Tax Relief Act of 2023,” aims to provide tax relief for individuals affected by certain federal disasters. The bill extends the rules for treating disaster-related personal losses and excludes wildfire relief payments from gross income. It also treats...

    Simple Explanation

    H.R. 5863 wants to help people with their taxes if they were hurt by things like big wildfires or accidents. It tries to make it easier for them not to pay extra money on some kinds of help they get.

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

    H.R. 5863, titled the “Federal Disaster Tax Relief Act of 2023,” aims to provide tax relief related to specific federal disasters. The bill extends rules for handling personal financial losses due to disasters and allows individuals to exclude from taxable income certain...

    Simple Explanation

    H.R. 5863 is a plan to help people save money on their taxes after certain big disasters like wildfires or accidents, so they don’t have to pay taxes on some of the help they get if they aren’t already covered by insurance.