A view of the 2022 Mariposa County Oak Fire from the PG&E Mount Bullion camera
January 20, 2024 - The Rural County Representatives of California (RCRC) reports on January 16, Congress Member La Malfa reported that the new tax framework package agreed to by the House Ways and Means Committee and the Senate Committee on Finance includes the Protect Innocent Victims of Taxation After Fire Act (H.R. 4970). Co-authored by Congressmen Doug LaMalfa (R-Richvale) and Mike Thompson (D-St. Helena), H.R. 4970 excludes from gross income, for income tax purposes, any amount received after 2019 and before 2026 by an individual taxpayer as a qualified wildfire relief payment.
The payment is defined as compensation for expenses or losses incurred by a federally declared forest or range fire disaster. This includes a tax exemption for emotional distress, lost wages, legal fees, and additional living expenses.
The new package is expected to pass quickly, now that there is an agreement between the House and the Senate. A summary of the full tax bill is available here.
ABOUT RURAL COUNTY REPRESENTATIVES OF CALIFORNIA (RCRC)
The Rural County Representatives of California (RCRC) is a thirty-seven member county strong service organization that champions policies on behalf of California’s rural counties. RCRC is dedicated to representing the collective unique interests of its membership, providing legislative and regulatory representation at the State and Federal levels, and providing responsible services for its members to enhance and protect the quality of life in rural California counties. To learn more about RCRC, visit rcrcnet.org and follow @RuralCounties on Twitter, Facebook and Instagram.
Source: RCRC
