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Adds a new subsection 451(g) to 26 U.S.C. (new provision relates to proceeds from livestock sold on account of fire).
Amends the heading for section 451(g) by inserting additional text (text not specified in the section).
Amends 26 U.S.C. 1033(e)(1) by inserting additional text after the specified provision.
Treats certain payments tied to five named Texas Panhandle wildfires as tax‑free qualified disaster relief and changes federal tax rules for livestock lost or sold because of fire. It lengthens replacement timeframes and creates a new tax rule for proceeds from livestock sold on account of fire, with most tax amendments effective for tax years beginning after Dec 31, 2023 and the disaster‑relief rule applying to amounts received on or after Feb 26, 2024.
Referred to the House Committee on Ways and Means.
Introduced February 10, 2025 by Ronny Jackson · Last progress February 10, 2025
