To exclude certain amounts relating to compensating victims of the East Palestine train derailment, and for other purposes.

This bill excludes from gross income, for income tax purposes, compensation received by individuals and businesses for losses resulting from the East Palestine, Ohio train derailment on February 3, 2023. This includes lost business income paid by a federal, state, or local government agency, Norfolk Southern Railway, or any subsidiary, insurer, or agent of the railway, or any related person.

Bill 118 hr 1270, also known as the East Palestine Train Derailment Victims Compensation Act, aims to provide financial relief to individuals affected by the train derailment in East Palestine. The bill seeks to exclude certain amounts related to compensating victims from being considered as income for tax purposes. This means that individuals who receive compensation for damages or injuries resulting from the train derailment will not have to pay taxes on those funds.

In addition to providing tax relief for victims, the bill also includes provisions for other purposes related to the train derailment. These purposes may include establishing a fund to support ongoing recovery efforts, providing resources for mental health services for those impacted by the incident, or implementing safety measures to prevent future accidents.

Overall, the East Palestine Train Derailment Victims Compensation Act is a bipartisan effort to support individuals who have suffered as a result of the train derailment and to ensure that they receive the financial assistance they need without being burdened by additional taxes.