Wildfire Victim Tax Relief and Recovery Act

This bill does two main things related to wildfires and taxes. First, it lets farmers delay paying taxes on money they made from selling livestock because of a fire, for up to four years depending on the type of livestock and whether the fire was declared a federal disaster. Second, it says that people affected by specific wildfires in Texas in early 2024 do not have to pay taxes on certain payments they received from government agencies or Xcel Energy to cover their losses, damages, and related expenses from those fires.

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