Road to The Floor
How it worksIntroduced
In Committee
On The Floor
Passed a Chamber
Passed Congress
To President
Became Law
What this bill does
AI plain-language summaryThis law extends tax breaks for people who suffer losses from major disasters like wildfires. It allows people to deduct personal losses from federally declared disasters on their taxes if the disaster happens before January 1, 2027, and it also lets people exclude certain wildfire relief payments from their taxable income for fires declared a federal disaster before 2027, no matter when they actually receive those payments. Under previous rules, these tax benefits had earlier cutoff dates, so this law gives people more time to qualify for them.
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