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.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Jul 28, 2022)
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.
What just happenedJul 28, 2022
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3784)
Who’s behind it
- Introduced in SenateJul 28, 2022
- Jul 28, 2022IntroReferral
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3784)
Finance Committee - Jul 28, 2022IntroReferral10000
Introduced in Senate