Compensation for Fire Survivors

Floor Speech

BREAK IN TRANSCRIPT

Mr. THOMPSON of California. Mr. Speaker, I rise today on behalf of thousands of California wildfire survivors.

Following the disastrous wildfires in 2015, 2017, and 2018, a court- ordered trust was established to compensate survivors for their loss of property. These funds are nowhere near enough to fully compensate for the loss of a home. Even worse, I have heard from countless constituents concerned that the funds they receive from the trust will be taxed.

That is why I, along with Congressman LaMalfa, introduced H.R. 7305, to make clear that settlement proceeds like these are nontaxable.

This legislation is absolutely essential to wildfire survivors, many of whom still cannot return to a home on their property.

The sad reality is that more natural disasters, including fires, will happen in the future. It is critical that Congress pass this legislation now.

This bill ensures Americans impacted by disasters do not owe unfair taxes.

Mr. Speaker, I urge my colleagues to include this legislation in any omnibus or spending bill moving forward.

BREAK IN TRANSCRIPT

Source