A bill to amend the Internal Revenue Code of 1986 to establish a deduction for attorney fees awarded with respect to certain wildfire damages and to exclude from gross income settlement funds received with respect to such damages.

12/29/2022, 6:48 PM

Congressional Summary of S 4666

This bill allows a deduction from gross income (above the line deduction) for attorney fees and court costs awarded with respect to a qualifying wildfire disaster (i.e., any forest or range fire that is a federally declared disaster, occurs in a disaster area, and occurs in 2015 or later).

The bill excludes from the gross income of a taxpayer, for income tax purposes, amounts paid to compensate victims for losses or damages in connection with a qualifying wildfire disaster.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill S 4666

Bill S 4666 is currently in the status of Bill Introduced since July 28, 2022. Bill S 4666 was introduced during Congress 117 and was introduced to the Senate on July 28, 2022. Bill S 4666's most recent activity was Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3784) as of July 28, 2022

Bipartisan Support of Bill S 4666

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 4666

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 4666

A bill to amend the Internal Revenue Code of 1986 to establish a deduction for attorney fees awarded with respect to certain wildfire damages and to exclude from gross income settlement funds received with respect to such damages.