Political Quotes

“I rise to introduce the Protect Innocent Victims Of Taxation After Fire Act. This legislation would provide tax relief for individuals and families who have received compensation for losses and damages suffered during a wildfire. The Protect Innocent Victims Of Taxation After Fire Act would exclude from gross income certain qualified wildfire relief payments, including compensation for losses, expenses, or damages, such as compensation for additional living expenses, lost wages, personal injury, death, or emotional distress. This legislation would provide much needed certainty and relief to victims by ensuring that any compensation they receive is not subject to Federal income tax and instead may be fully utilized for its intended purpose. Pacific Gas & Electric, or PG&E, equipment was found to be responsible for three major fires in 2015, 2017, and 2018. In 2019, PG&E and victims of these wildfires reached a settlement that set up a Fire Victim Trust, funded with $6.75 billion in cash and 477 million shares of PG&E stock, to compensate victims for losses and damages associated with these devastating wildfires. Unfortunately, the taxability of funds received from the trust varies based on what type of loss is being claimed, which makes it difficult for recipients to determine what amount of their claims can be used to rebuild their lives or replace their losses.…”