House passes disaster tax relief bill
The U.S. House of Representatives passed H.R. 5863, the “Federal Disaster Tax Relief Act of 2023.”
U.S. House of Representatives passed H.R. 5863, Federal Disaster Tax Relief Act of 2023
The U.S. House of Representatives yesterday evening passed (on a motion to suspend the rules) H.R. 5863, the “Federal Disaster Tax Relief Act of 2023,” by a vote of 382-7.
The $5 billion bill would extend special rules for deductibility of certain personal casualty losses, provide an exclusion from gross income for certain qualified wildfire relief payments, and treat East Palestine train derailment payments as qualified disaster relief payments.
Next steps
It remains uncertain whether the bill will be passed by the Senate and signed into law by President Biden.
A version of this legislation previously passed the House by being included in the Tax Relief for American Families and Workers Act (read TaxNewsFlash), which is currently stalled in the Senate.
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