The bill H. R. 8846, titled the “Heartland Emergency Assistance Relief from Tax Act of 2024” or "HEART Act of 2024," aims to provide tax relief for people affected by severe storms, straight-line winds, and tornadoes. It allows individuals to exclude from their gross income...
Simple Explanation
The HEART Act of 2024 is a special rule that lets people not pay taxes on money they get to help fix damage from really bad storms, but only if they can't get money back from insurance. It’s like when someone gives you a gift to help fix your broken toys after a storm, and you don't have to give any of it back.