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

Bill: 118-hr-1270
Sponsor: full_name: Rep. Johnson, Bill [R-OH-6]
Introduced: 2023-03-01
Policy area: Taxation
Latest action: action_date: 2023-03-01
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-03-01
action_desc: Introduced in House
text: <p>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.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 1270 IN THE HOUSE OF REPRESENTATIVES March 1, 2023 Mr. Johnson of Ohio (for himself, Mr. Balderson , Mr. Miller of Ohio , Mr. Latta , Mr. Davidson , Mr. Joyce of Ohio , Mr. Wenstrup , Mrs. Sykes , Mr. Turner , Mr. Jordan , and Mr. Carey ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To exclude certain amounts relating to compensating victims of the East Palestine train derailment, and for other purposes.

1. East Palestine disaster relief payments (a) Disaster relief payments to victims of East Palestine train derailment The East Palestine train derailment is hereby deemed to be a qualified disaster for the purposes of section 139(c) of the Internal Revenue Code of 1986. (b) Exclusion from gross income of business interruption payments For purposes of the Internal Revenue Code of 1986, gross income does not include any amounts provided to a taxpayer to compensate such taxpayer for lost business income resulting from the East Palestine train derailment by a— (1) Federal, State, or local government agency, (2) Norfolk Southern Railway, or (3) any subsidiary, insurer, or agent of Norfolk Southern Railway or any related person. (c) Train derailment For purposes of this section, the term East Palestine train derailment means the derailment of a train in East Palestine, Ohio, on February 3, 2023. (d) Effective date This section shall apply to amounts received on or after February 3, 2023.