Creates special tax rules to help individuals who suffer personal casualty losses from major disasters and to exclude certain wildfire relief payments from taxable income. It defines a new "qualified net disaster loss" and a new disaster-loss deduction tied to the standard deduction (effective for tax years beginning after Dec 31, 2024), and separately excludes defined wildfire relief payments from gross income for a limited period (payments received in tax years beginning after Dec 31, 2025 and before Jan 1, 2031) while preventing a double tax benefit for excluded amounts.