Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB496 Compare Versions

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

Old	New	Differences
1	1	II
2	2	119THCONGRESS
3	3	1
4	4	STSESSION S. 496
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 SENATE OF THE UNITED STATES
8	8	FEBRUARY10, 2025
9	9	Mr. C
10	10	RUZintroduced the following bill; which was read twice and referred to
11	11	the Committee on Finance
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	•S 496 IS
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	•S 496 IS
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 the Internal Revenue 19
85	85	Code of 1986 is amended by inserting ‘‘fire,’’ after 20
86	86	‘‘flood,’’. 21
87	87	(c) E
88	88	FFECTIVEDATE.—The amendments made by 22
89	89	this section shall apply to taxable years beginning after 23
90	90	December 31, 2023. 24
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93	93	•S 496 IS
94	94	SEC. 4. PROCEEDS FROM LIVESTOCK SOLD ON ACCOUNT 1
95	95	OF FIRE. 2
96	96	(a) I
97	97	NGENERAL.—Section 451(g) of the Internal 3
98	98	Revenue Code of 1986 is amended by inserting ‘‘fire,’’ 4
99	99	after ‘‘flood’’. 5
100	100	(b) C
101	101	ONFORMINGAMENDMENT.—The heading for 6
102	102	section 451(g) of such Code is amended by inserting 7
103	103	‘‘F
104	104	IRE,’’ after ‘‘FLOOD,’’. 8
105	105	(c) E
106	106	FFECTIVEDATE.—The amendments made by 9
107	107	this section shall apply to taxable years beginning after 10
108	108	December 31, 2023. 11
109	109	Æ
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