Congressional Bill To Exempt FVT Funds From Taxes

Exempt FVT Funds From Taxes

California Congressmen Mike Thompson and Doug LaMalfa introduced a bill to the House of Representatives that–if passed–would exempt victims from having to pay federal income tax on their settlement money. The current proposed legislation applies to all settlements paid after May 31, 2020.

The proposed bill can be found here:

• FVT Tax Exemotion Bill

Additional information can be found here:

• https://lamalfa.house.gov/media-center/press-releases/reps-lamalfa-and-thompson-introduce-legislation-to-provide-federal-tax
• https://www.ksro.com/2022/03/31/congressmen-introduce-bill-to-protect-wildfire-settlement-money-from-taxes/