Another Step Taken for Federal Tax Exemption for Wildfire Victims’ Settlement Funds

Wildfire survivors in California are a step closer to not paying federal taxes on a settlement. The bill passed a committee yesterday and now heads to the House. About 70-thousand people are receiving money from the PG&E Fire Victims Trust but they say it’s being taxed as if it’s earned income and some don’t even have enough to rebuild their homes. Governor Newsom already signed a law last year so they don’t owe state taxes on the funds.