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HR 1169119th CongressIntroduced
Wildfire Victim Tax Relief and Recovery Act
Introduced: Oct 29, 2025
Standard Summary
Comprehensive overview in 1-2 paragraphs
The Wildfire Victim Tax Relief and Recovery Act provides tax exclusions for compensation payments to victims of Texas Panhandle fires and extends livestock conversion rules to fire-related losses.
Key Points
- 1Treats Texas Panhandle fire payments as qualified disaster relief payments under IRC Section 139
- 2Covers fires including Smokehouse Creek, Windy Deuce, Grape Vine Creek, 687 Reamer, and Roughneck fires
- 3Extends involuntary conversion rules for livestock from flood to fire losses
- 4Provides extended replacement periods for fire-related livestock losses
- 5Includes proceeds from livestock sold due to fire in involuntary conversion provisions
- 6Applies to amounts received on or after February 26, 2024
Impact Areas
Texas Panhandle fire victimsLivestock owners affected by firesFederal disaster relief programsIRS tax treatment of disaster lossesAgricultural communitiesInsurance companies
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