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Standard Summary
Comprehensive overview in 1-2 paragraphs
The Wildfire Victim Tax Relief and Recovery Act excludes certain Texas Panhandle fire payments from taxable income and updates involuntary conversion and livestock provisions.
Key Points
- 1Defines Texas Panhandle fire payments as qualified disaster relief.
- 2Lists specific fires (Smokehouse Creek, Windy Deuce, etc.).
- 3Excludes these payments from taxable income under IRC §139(b).
- 4Adds “fire” to involuntary conversion and livestock sections.
- 5Effective for amounts received on or after February 26, 2024.
Impact Areas
Victims of Texas Panhandle firesTaxpayers receiving disaster relief paymentsIRS and tax preparers
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