H.R. 1169

119th CONGRESS 1st Session

To exclude certain amounts relating to compensating victims of the Texas Panhandle fires, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES · February 10, 2025 · Sponsor: Mr. Jackson of Texas · Committee: Committee on Ways and Means

Table of contents

• H.R. 1169
  • SEC. 1. Short title
  • SEC. 2. Texas Panhandle fire disaster relief payments
  • SEC. 3. Involuntary conversions of livestock
  • SEC. 4. Proceeds from livestock sold on account of fire

SEC. 1. Short title

• This Act may be cited as the Wildfire Victim Tax Relief and Recovery Act.

SEC. 2. Texas Panhandle fire disaster relief payments

• (a) In general
  • Texas Panhandle fire payments shall be treated as qualified disaster relief payments for purposes of of the Internal Revenue Code of 1986. section 139(b)
• (b) Texas Panhandle fire payments
  • For purposes of this section, the term means any amount received by or on behalf of an individual as compensation for loss, damages, expenses, loss in real property value, closing costs with respect to real property (including realtor commissions), or inconvenience (including access to real property) resulting from any Texas Panhandle fire if such amount was provided by— Texas Panhandle fire payment
    • a Federal, State, or local government agency,
    • Xcel Energy, or
    • any subsidiary, insurer, or agent of Xcel Energy or any related person.
• (c) Texas Panhandle Fire
  • For purposes of this section, the term means any of the following wildfires: Texas Panhandle fire
    • The Smokehouse Creek Fire that ignited in Hutchinson County, Texas, on February 26, 2024.
    • The Windy Deuce Fire that ignited in Moore County, Texas, on February 26, 2024.
    • The Grape Vine Creek Fire that ignited in Gray County, Texas, on February 26, 2024.
    • The 687 Reamer Fire that ignited in Hutchinson County, Texas, on February 27, 2024.
    • The Roughneck Fire that ignited in Hutchinson County, Texas, on March 3, 2024.
• (d) Effective date
  • This section shall apply to amounts received on or after February 26, 2024.

SEC. 3. Involuntary conversions of livestock

• (a) Livestock sold on account of fire
  • (1) In general
    • of the Internal Revenue Code of 1986 is amended by inserting after . Section 1033(e)(1)
  • (2) Extension of replacement period
    • Section 1033(e)(2) of such Code is amended by inserting after .
  • (3) Conforming amendment
    • The heading for section 1033(e) of such Code is amended by inserting after .
• (b) Replacement of livestock with other property
  • Section 1033(f) of such Code is amended by inserting after .
• (c) Effective date
  • The amendments made by this section shall apply to taxable years beginning after December 31, 2023.

SEC. 4. Proceeds from livestock sold on account of fire

• Proceeds from livestock sold on account of fire
• (a) In general
  • of the Internal Revenue Code of 1986 is amended by inserting after . Section 451(g)
• (b) Conforming amendment
  • The heading for section 451(g) of such Code is amended by inserting after .
• (c) Effective date
  • The amendments made by this section shall apply to taxable years beginning after December 31, 2023.