TXCPA Federal Tax Policy Committee Assists Senator Cruz's Office with Panhandle Wildfire Federal Tax Relief Bill
Last month, TXCPA’s Federal Tax Policy Committee collaborated with the office of Senator Ted Cruz on a bill to create specified federal tax relief for qualified taxpayers who were victims of the February 2024 Panhandle wildfires. The total damage of these wildfires did not meet the qualification threshold of a major disaster declaration. The committee assisted with technical questions related to the definition of areas eligible for federal relief, clarification of allowable deductions and the tax treatment of benefits received. See Senate bill 4806