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H.R. 5863, Federal Disaster Tax Relief Act of 2023 (CBO Report for Congress)

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Congress 118th
Date Requested Nov. 2, 2023
Requested By House Committee on Ways and Means
Date Sent Jan. 9, 2024
Description:
H.R. 5863 would amend the Internal Revenue Code to provide tax relief to people affected by certain federally declared disasters. The bill would allow affected taxpayers to deduct losses arising from federally declared disasters without itemizing deductions on their tax returns and would exclude from gross income some compensation received for losses from wildfires or the February 2023 train derailment in East Palestine, Ohio. 

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