House Eyes Swift Passage of Disaster Relief Tax Legislation

The House will meet for legislative business today as lawmakers look to quickly pass legislation to provide tax relief for recent disasters. Specifically, the Federal Disaster Tax Relief Act (H.R. 5863) would: (1) extend rules for the treatment of certain disaster-related personal casualty losses; (2) provide tax relief for gross income losses due to wildfires; and (3) provide relief for those impacted by the East Palestine train derailment. The measure was originally included in the Tax Relief for American Families and Workers Act that passed the House earlier this year. However, with the Smith-Wyden tax bill on ice in the Senate, Rep. Greg Steube (R-FL) — the lead sponsor of H.R. 5863 — circulated a “discharge petition” that earned the requisite 218 votes needed to circumvent House leadership and place the bill on the floor for consideration. In addition to the Federal Disaster Tax Relief Act, lawmakers will take up suspension bills out of the Committees on Transportation and Infrastructure (T&I), Financial Services (HFSC), and Oversight & Accountability.