The House of Representatives of the US Congress passed H.R. 5863 —The Federal Disaster Tax Relief Act of 2023 on Tuesday, 21 May, 2024.
This USD 5 billion legislation aims to extend specific rules for the deductibility of specific personal casualty losses.
Additionally, it includes provisions to exclude certain qualified wildfire relief payments from gross income and classify East Palestine train derailment payments as qualified disaster relief payments.
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