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S 496119th CongressIntroduced
Wildfire Victim Tax Relief and Recovery Act
Introduced: Oct 28, 2025
Standard Summary
Comprehensive overview in 1-2 paragraphs
The Wildfire Victim Tax Relief and Recovery Act (S.496) amends the Internal Revenue Code to treat Texas Panhandle fire payments as qualified disaster relief, excludes certain amounts from taxable income, and expands tax relief provisions for livestock affected by the fires. The bill also updates tax code sections related to involuntary livestock conversions and proceeds from livestock sales, effective for tax years beginning after 2023.
Key Points
- 1Defines Texas Panhandle fire payments as qualified disaster relief under IRC §139(b).
- 2Excludes specific amounts related to compensation for fire damages from taxable income.
- 3Amends sections 1033 and 451 of the IRC to include “fire” for involuntary livestock conversions and proceeds.
- 4Effective dates: fire payments from February 26 2024 onward; tax code changes apply to years beginning after December 31 2023.
Impact Areas
Wildfire victims in Texas PanhandleTaxpayers receiving fire‑related compensationLivestock owners and agricultural businessesIRS tax administration
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