A bill to amend the Internal Revenue Code of 1986 to establish a deduction for attorney fees awarded with respect to certain wildfire damages and to exclude from gross income settlement funds received with respect to such damages.

Summary

This bill allows a deduction from gross income (above the line deduction) for attorney fees and court costs awarded with respect to a qualifying wildfire disaster (i.e., any forest or range fire that is a federally declared disaster, occurs in a disaster area, and occurs in 2015 or later). The bill excludes from the gross income of a taxpayer, for income tax purposes, amounts paid to compensate victims for losses or damages in connection with a qualifying wildfire disaster.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 28 July 2022

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 28 July 2022

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 28 July 2022

  Open at official source

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