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H. Rept. 119-605 1 (2026-04-09)

handle is hein.congrecreports/crptxaifq0001 and id is 1 raw text is: AUTHENTICATED r U.S. GOVERNMENT INFORMATION 4 119TH CONGRESS REPORT 2d Session J HOUSE OF REPRESENTATIVES 119-605 DOUG LAMALFA FEDERAL DISASTER TAX RELIEF CERTAINTY ACT APRIL 9, 2026.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. SMITH of Missouri, from the Committee on Ways and Means, submitted the following REPORT [To accompany H.R. 5366] The Committee on Ways and Means, to whom was referred the bill (H.R. 5366) to amend the Internal Revenue Code of 1986 to codify and extend the rules for personal casualty losses arising from major disasters and the rules for the exclusion from gross in- come of compensation for losses or damages resulting from certain wildfires, having considered the same, reports favorably thereon with an amendment and recommends that the bill as amended do pass. CONTENTS Page I. SUMMARY AND BACKGROUND ................................................................. 3 A. Purpose and Sum m ary .................................................................... 3 B. Background and Need for Legislation .................... 4 C . Legislative H istory ........................................................................... 4 D . Designated H earing. ....................................................................... . 4 II. EXPLANATION OF THE BILL ..................................................................... 5 A. Codification and Extension of Rule for Casualty Losses Arising From M ajor Disasters .................................................................... 5 B. Codification and Extension of Exclusion From Gross Income of Compensation for Losses or Damages Resulting from Cer- tain W ildfires .................................................................................. 7 III. VOTES OF THE COM M ITTEE ..................................................................... 9 IV. BUDGET EFFECTS OF THE BILL ............................................................... 10 A. Committee Estimate of Budgetary Effects ................. 10 B. Statement Regarding New Budget Authority and Tax Expendi- tures Budget Authority ................................................................. 10 C. Cost Estimate Prepared by the Congressional Budget Office ...... 10 V. OTHER MATTERS TO BE DISCUSSED UNDER THE RULES OF THE H O U SE ......................................................................................................... . 10 A. Committee Oversight Findings and Recommendations ............... 10 69-006