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HR 5863 - Federal Disaster Tax Relief Act of 2023 - National Key Vote

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Title: Federal Disaster Tax Relief Act of 2023

Vote Smart's Synopsis:

Vote to pass a bill that extends rules for the treatment of certain disaster-related personal casualty losses and provides tax relief for losses due to wildfires and a certain incident involving a train derailment.

Highlights:

  • Extends rules for treating certain disaster-related personal casualty losses and provides tax relief for losses due to wildfires and a certain incident involving a train derailment, including the East Palestine train derailment (Sec. 2-4).

  • Specifies that this bill excludes from taxpayer gross income and for income tax purposes, any amount received by an individual taxpayer as compensation for expenses or losses incurred due to a qualified wildfire disaster (a disaster declared after 2014 as a result of a forest or range fire) (Sec. 2-4).

NOTE: THIS LEGISLATION NEEDED A TWO-THIRDS MAJORITY VOTE TO PASS

Full Bill Text

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