S 496 · in committee · significant
Wildfire Victim Tax Relief and Recovery Act
- taxes
What this bill does
- Farmers can defer taxes on livestock sales caused by wildfires for up to four years.
- Individuals affected by specific Texas wildfires can exclude disaster relief payments from taxable income.
- The bill expands existing tax deferral rules and creates a tax exclusion for qualifying wildfire victims.
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Community Threads
Started by Cosponsor
- 01
How would allowing farmers to defer livestock sale taxes for four years affect their cash flow and ability to rebuild compared to paying taxes immediately?
- 02
What criteria should determine which wildfire victims qualify for tax-free disaster relief payments, and who might be excluded under this bill's approach?
- 03
Does extending tax deferrals incentivize farmers to sell livestock during recovery, or could it delay their return to normal operations?
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Sponsor · R-TX
Ted Cruz
Citizen cosponsors
0
In Congress
0/ 100
Senators cosponsoring
Introduced 2025-02-10
Legislative timeline
2025-02-10 · senate · IntroReferral
Read twice and referred to the Committee on Finance.
2025-02-10 · IntroReferral
Introduced in Senate
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