Us Congress 2025-2026 Regular Session

Us Congress House Bill HB1169 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 1169
5	5	To exclude certain amounts relating to compensating victims of the Texas
6	6	Panhandle fires, and for other purposes.
7	7	IN THE HOUSE OF REPRESENTATIVES
8	8	FEBRUARY10, 2025
9	9	Mr. J
10	10	ACKSONof Texas introduced the following bill; which was referred to the
11	11	Committee on Ways and Means
12	12	A BILL
13	13	To exclude certain amounts relating to compensating victims
14	14	of the Texas Panhandle fires, and for other purposes.
15	15	Be it enacted by the Senate and House of Representa-1
16	16	tives of the United States of America in Congress assembled, 2
17	17	SECTION 1. SHORT TITLE. 3
18	18	This Act may be cited as the ‘‘Wildfire Victim Tax 4
19	19	Relief and Recovery Act’’. 5
20	20	SEC. 2. TEXAS PANHANDLE FIRE DISASTER RELIEF PAY-6
21	21	MENTS. 7
22	22	(a) I
23	23	NGENERAL.—Texas Panhandle fire payments 8
24	24	shall be treated as qualified disaster relief payments for 9
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27	27	•HR 1169 IH
28	28	purposes of section 139(b) of the Internal Revenue Code 1
29	29	of 1986. 2
30	30	(b) T
31	31	EXASPANHANDLEFIREPAYMENTS.—For pur-3
32	32	poses of this section, the term ‘‘Texas Panhandle fire pay-4
33	33	ment’’ means any amount received by or on behalf of an 5
34	34	individual as compensation for loss, damages, expenses, 6
35	35	loss in real property value, closing costs with respect to 7
36	36	real property (including realtor commissions), or inconven-8
37	37	ience (including access to real property) resulting from 9
38	38	any Texas Panhandle fire if such amount was provided 10
39	39	by— 11
40	40	(1) a Federal, State, or local government agen-12
41	41	cy, 13
42	42	(2) Xcel Energy, or 14
43	43	(3) any subsidiary, insurer, or agent of Xcel 15
44	44	Energy or any related person. 16
45	45	(c) T
46	46	EXASPANHANDLEFIRE.—For purposes of this 17
47	47	section, the term ‘‘Texas Panhandle fire’’ means any of 18
48	48	the following wildfires: 19
49	49	(1) The Smokehouse Creek Fire that ignited in 20
50	50	Hutchinson County, Texas, on February 26, 2024. 21
51	51	(2) The Windy Deuce Fire that ignited in 22
52	52	Moore County, Texas, on February 26, 2024. 23
53	53	(3) The Grape Vine Creek Fire that ignited in 24
54	54	Gray County, Texas, on February 26, 2024. 25
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57	57	•HR 1169 IH
58	58	(4) The 687 Reamer Fire that ignited in 1
59	59	Hutchinson County, Texas, on February 27, 2024. 2
60	60	(5) The Roughneck Fire that ignited in Hutch-3
61	61	inson County, Texas, on March 3, 2024. 4
62	62	(d) E
63	63	FFECTIVEDATE.—This section shall apply to 5
64	64	amounts received on or after February 26, 2024. 6
65	65	SEC. 3. INVOLUNTARY CONVERSIONS OF LIVESTOCK. 7
66	66	(a) L
67	67	IVESTOCKSOLD ONACCOUNT OFFIRE.— 8
68	68	(1) I
69	69	N GENERAL.—Section 1033(e)(1) of the 9
70	70	Internal Revenue Code of 1986 is amended by in-10
71	71	serting ‘‘fire’’ after ‘‘flood’’. 11
72	72	(2) E
73	73	XTENSION OF REPLACEMENT PERIOD .— 12
74	74	Section 1033(e)(2) of such Code is amended by in-13
75	75	serting ‘‘fire’’ after ‘‘flood’’. 14
76	76	(3) C
77	77	ONFORMING AMENDMENT .—The heading 15
78	78	for section 1033(e) of such Code is amended by in-16
79	79	serting ‘‘F
80	80	IRE’’ after ‘‘FLOOD’’. 17
81	81	(b) R
82	82	EPLACEMENT OF LIVESTOCKWITHOTHER 18
83	83	P
84	84	ROPERTY.—Section 1033(f) of such Code is amended by 19
85	85	inserting ‘‘fire’’ after ‘‘flood’’. 20
86	86	(c) E
87	87	FFECTIVEDATE.—The amendments made by 21
88	88	this section shall apply to taxable years beginning after 22
89	89	December 31, 2023. 23
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92	92	•HR 1169 IH
93	93	SEC. 4. PROCEEDS FROM LIVESTOCK SOLD ON ACCOUNT 1
94	94	OF FIRE. 2
95	95	(a) I
96	96	NGENERAL.—Section 451(g) of the Internal 3
97	97	Revenue Code of 1986 is amended by inserting ‘‘fire’’ 4
98	98	after ‘‘flood’’. 5
99	99	(b) C
100	100	ONFORMINGAMENDMENT.—The heading for 6
101	101	section 451(g) of such Code is amended by inserting 7
102	102	‘‘F
103	103	IRE’’ after ‘‘FLOOD’’. 8
104	104	(c) E
105	105	FFECTIVEDATE.—The amendments made by 9
106	106	this section shall apply to taxable years beginning after 10
107	107	December 31, 2023. 11
108	108	Æ
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