,,ii #aai? ,,congress #a/ ,session ,s4 #bgdd ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,septemb] #i1 #bjbe,mr4 ,scott ( ,florida introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to codify & ext5d ! rules = p]sonal casualty losses aris+ f major disa/]s & ! rules = ! exclusion f gross income ( comp5sation = losses or damages result+ f c]ta9 wildfires4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,f$]al ,disa/] ,tax ,relief ,act ( #bjbe4 #b4 ,codification & ext5sion ( rules = casualty losses aris+ f major disa/]s 7a7 ,treatm5t ( losses 7#a7 ,9 g5]al ,section #afe7;h7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#f7 ,special rule = qualifi$ disa/] losses 7,a7 ,9 g5]al ,if an individual has a qualifi$ net disa/] loss = any taxable ye>1 ! am\nt det]m9$ "u p>agraph 7#b77;,a77ii7 %all be ! sum (-- 7i7 su* net disa/] loss1 & 7ii7 s mu* ( ! excess ref]r$ to 9 ! matt] prec$+ clause 7i7 ( p>agraph 7#b77;,a7 7r$uc$ by ! am\nt 9 clause 7i7 ( ?is subp>agraph7 z exce$s #aj p]c5t ( ! adju/$ gross income ( ! individual4 7,b7 ,qualifi$ net disa/] loss ,= purposes ( subp>agraph 7,a71 ! t]m qualifi$ net disa/] loss means ! excess ( qualifi$ disa/]-relat$ p]sonal casualty losses ov] p]sonal casualty ga9s4 7,c7 ,qualifi$ disa/]-relat$ p]sonal casualty losses 7i7 ,9 g5]al ,= purposes ( ?is subsection1 ! t]m qualifi$ disa/]-relat$ p]sonal casualty losses means losses describ$ 9 subsection 7c77#c7 7det]m9$ aft] application ( p>agraph 7#a77 :i* arise 9 a qualifi$ disa/] area on or aft] ! fir/ day ( ! incid5t p]iod ( ! qualifi$ disa/] to :i* su* area relates1 & :i* are attributable to su* disa/]4 7ii7 ,qualifi$ disa/] area ,! t]m qualifi$ disa/] area means any area ) respect to :i* a major disa/] has be5 decl>$ by ! ,presid5t "u section #dja ( ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act if ! incid5t p]iod ( ! disa/] ) respect to :i* su* decl>ation is made beg9s aft] ,july #d1 #bjbe1 & be=e ,janu>y #a1 #bjbg4 7iii7 ,qualifi$ disa/] ,! t]m qualifi$ disa/] means1 ) respect to any qualifi$ disa/] area1 ! disa/] by reason ( :i* a major disa/] 0 decl>$ ) respect to su* area4 7iv7 ,incid5t p]iod ,= purposes ( ?is p>agraph1 ! t]m incid5t p]iod means1 ) respect to any qualifi$ disa/]1 ! p]iod specifi$ by ! ,f$]al ,em]g5cy ,managem5t ,ag5cy z ! p]iod dur+ :i* su* disa/] occurr$4 4 7#b7 ,con=m+ am5dm5t ,section #afe7;h77#e77;,b77ii7 ( su* ,code is am5d$ by ins]t+ or 7#f7 aft] p>agraph 7#b77;,a74 7b7 ,doll> limitation ,section #afe7;h77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ #ejj 7#ajj = taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjji7 & ins]t+ #ajj 7#ejj 9 ! case ( any net disa/] loss to :i* p>agraph 7#c7 applies74 7c7 ,/&>d d$uction 7#a7 ,9 g5]al ,section #fc7;c77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ & at ! end ( subp>agraph 7,a71 by /rik+ ! p]iod at ! end ( subp>agraph 7,b7 & ins]t+ &1 & by add+ at ! end ! foll[+ new subp>agraph3 7,c7 ! disa/] loss d$uction4 4 7#b7 ,disa/] loss d$uction ,section #fc7;c7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#h7 ,disa/] loss d$uction ,= ! purposes ( p>agraph 7#a71 ! t]m disa/] loss d$uction means ! excess ( qualifi$ net disa/] losses 7z def9$ 9 section #afe7;h77#f77;,b77 ov] ! am\nt ( p]sonal casualty ga9s 7z def9$ 9 section #afe7;h77#c77;,a77 r$uc$ by any portion ( su* ga9s tak5 into acc\nt "u section #afe7;h77#e77;,b77i74 4 7d7 ,treatm5t "u alt]native m9imum tax ,section #ef7;b77#a77;,d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 7o!r ?an ! disa/] loss d$uction7 aft] section #fc7;c74 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to losses incurr$ 9 taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 #c4 ,codification & ext5sion ( exclusion f gross income ( comp5sation = losses or damages result+ f c]ta9 wildfires 7a7 ,9 g5]al ,"p ,,iii ( sub*apt] ,b ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ be=e section #adj ! foll[+ new section3 #aci,m4 ,comp5sation = losses or damages result+ f c]ta9 wildfires 7a7 ,9 g5]al ,gross income %all n include any am\nt receiv$ by an individual z a qualifi$ wildfire relief paym5t4 7b7 ,def9itions2 qualifi$ wildfire relief paym5t ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m qualifi$ wildfire relief paym5t means any am\nt receiv$ by or on behalf ( an individual z comp5sation = losses1 exp5ses1 or damages 7includ+ comp5sation = additional liv+ exp5ses1 lo/ wages 7o!r ?an comp5sation = lo/ wages paid by ! employ] :i* w\ld h o!rwise paid su* wages71 p]sonal injury1 dea?1 or emotional di/ress7 incurr$ z a result ( a qualifi$ wildfire disa/]1 b only to ! ext5t ! losses1 exp5ses1 or damages comp5sat$ by su* paym5t are n comp5sat$ = by insurance or o!rwise4 7#b7 ,qualifi$ wildfire disa/] ,! t]m qualifi$ wildfire disa/] means any ,f$]ally decl>$ disa/] 7z def9$ 9 section #afe7;i77#e77;,a77 aft] ,decemb] #ca1 #bjad1 z a result ( any =e/ or range fire4 7c7 ,d5ial ( d\ble b5efit ,not)/&+ any o!r provision ( ?is title-- 7#a7 no d$uction or cr$it %all be all[$ 7to ! p]son = ^: b5efit a qualifi$ wildfire relief paym5t is made7 =1 or by reason (1 any exp5diture to ! ext5t ( ! am\nt exclud$ "u ?is section ) respect to su* exp5diture1 & 7#b7 no increase 9 ! basis or adju/$ basis ( any prop]ty %all result f any am\nt exclud$ "u ?is section ) respect to su* prop]ty4 7d7 ,limitation on application ,?is section %all only apply to qualifi$ wildfire relief paym5ts receiv$ by ! individual dur+ taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbe1 & be=e ,janu>y #a1 #bjca4 4 7b7 ,cl]ical am5dm5t ,! table ( sections = "p ,,iii ( sub*apt] ,b ( *apt] #a ( su* ,code is am5d$ by ins]t+ be=e ! item relat$ to section #adj ! foll[+ new item3 ,sec4 #aci,m4 ,comp5sation = losses or damages result+ f c]ta9 wildfires4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to paym5ts receiv$ 9 taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbe4